CBRE Arranges $32 Million Sale of Leasehold Interest in 395 North Service Road in Melville, N.Y.
22 Jul 2020
The CBRE Team of Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride and Travis Langer in collaboration with Philip Heilpern of CBRE’S Long Island Office announced today the $32 million sale of the Leasehold Interest in 395 North Service Road in Melville, N.Y. CBRE represented RXR Realty in the sale and also procured the purchaser, The Feil Organization, a New York City-based real estate investment company. This transaction follows on the heels of several other major suburban office sales in the region this year by the team, including the $311 million sale of Park Avenue at Morris County in Florham Park, N.J., the $26.24 million sale of Windsor Corporate Park in East Windsor, N.J., 140-150 Grand Street in White Plains, N.Y. for $42.5M and 54 Wilton in Westport, Conn.
395 North Service Road is a 202,225 sq. ft. office building that is currently 87% leased to a solid roster of high credit tenants, which includes TSYS and Emblem Health. Located in Western Suffolk County, one of Long Island’s most coveted submarkets with only 10% vacancy, 395 North Service Road is situated within the prestigious Route 110 corridor, adjacent to the Long Island Expressway and proximate to the Northern State Parkway. The property is within walking distance to a full- service Marriot Hotel and a short drive to the Melville Hilton while nearby restaurants and retail options are only minutes away on Route 110.
“395 North Service Road’s superb location, strong submarket and enviable high-credit tenancy will provide stable cash flow for the new owner,” said Dunne of CBRE. “The superb, high credit rent roll was further evidenced by 100% rent collections since the start of the COVID-19 pandemic back in March.”
CBRE Institutional Properties has a number of attractive investment opportunities on the market including: 2150 Post Road in Fairfield, Conn., an 96% leased 50,880± sq. ft. Class A office building; 115 Tabor Road in Morris Plains N.J., a 465,000± sq. ft Class A office building; 15 Waterview Blvd in Parsippany, N.J., a 130,000± sq ft Class A office building; 800 Corporate Drive, a 84,280± sq. ft. flex building leased to a single tenant in Mahwah, N.J.; 303-325 Midland Ave, a 75,657± sq. ft. mixed-use property in Garfield, N.J.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.