Chesler, Schlussel and Leiderman of Colliers handle $17.3 million sale
Carle Place, NY One Old Country Rd. has traded for $17.3 million in a year-end sale jointly orchestrated by the New Jersey and Long Island offices of Colliers International Group Inc. TCJ Realty purchased the five-story, 309,000 s/f office building from a private investor and subsequently appointed Colliers as leasing and managing agent.
The tri-state-area investment sales team of Jacklene Chesler and Jonathan Schlussel, based in Colliers’ Parsippany, N.J., office, and Darren Leiderman, a Long Island office market expert based in Lake Success, N.Y., advised the seller and secured the buyer.
The dual-office partnership enabled the team to market the property to a broad investor audience, according to Chesler. “This was a highly efficient sale of a sought-after office asset, and we were under agreement in less than 90 days after going to market,” she said. “The offering drew 10 qualified buyers, with six aggressive enough to waive due diligence – a testament to the liquidity and strength of the overall market. The property ultimately sold to a cash buyer with aggressive closing terms.”
One Old Country Road serves as the headquarters for 1-800-Flowers and is 63% occupied with 27 tenants.
The building is less than one mile of major roadways, train stations, bus stops, multiple malls (including Roosevelt Field, the largest shopping mall in the state of New York), hotels, the county courthouse and government offices.
“Opportunistic investments involving properties of this size in core markets like central Nassau County rarely come along,” said Leiderman, who is heading the new leasing agency and will work closely with Colliers property management on the assignment. “TCJ Realty, which is headed by a Chinese group that sees great potential in the area – already is gearing up its program to return One Old Country Road to its historic high occupancy and Class A status. This will include a significant infusion of capital for renovations, and a focus on tenant relations. Companies located there are enthusiastic about the coming changes, and we expect new leasing interest to accelerate quickly.”