In a transaction arranged by the Long Island office of CB Richard Ellis, Ivy Realty has acquired two suburban office parks.
The company has purchased Crossroads Executive Center and Crossroads Corporate Center, comprised of approximately 400,000 square feet of space.
The acquisition price was not disclosed.
The CBRE team of Steven Bardsley, Martin Lomazow and Robert Seidenberg represented the seller in the negotiations. Ivy Realty was represented by Adam Brodbar, Vice President of Investments for Ivy.
Mr. Lomazow and Mr. Seidenberg, who have been the exclusive agents for both office parks for the past 14 years, along with Peter Obre have been retained as leasing agents by Ivy Realty.
“This transaction further demonstrates Long Island’s strong investment sales market,” said Mr. Seidenberg. “Over the past year, the market experienced more activity than the previous two years combined-a trend that is continuing into 2004.”
Located south of the Long Island Expressway on Veterans Highway in Islandia, NY, Crossroads Executive Center consists of nine one-story office buildings.
Crossroads Corporate Center is situated just one mile north on Veterans Highway in Hauppauge and contains three single-story properties and one Class A multi-story building.
Ivy Realty is a wholly owned subsidiary of Ivy Equities, an investment firm based in Montvale, New Jersey. Ivy Realty owns and manages 4 million square feet of commercial space in New York, New Jersey, and Connecticut. This is Ivy Realty’s first acquisition in the Long Island market.
About Ivy Realty
Founded in 1996, Ivy Realty, a wholly owned subsidiary of Ivy Equities, is a leading real estate investor and developer throughout New Jersey, New York and Connecticut. Ivy targets investment opportunities in undervalued, high grade, income producing commercial properties. The Company has built a reputation for successfully completing a wide spectrum of creative developments in the office, mixed-use, retail, build-to-suit and residential sectors. Currently, Ivy Realty owns, manages and leases a 3.5 million-square-foot portfolio with added development potential throughout the tri-state area.
For more information contact Ivy Realty at their Montvale, New Jersey headquarters at (201) 573-8400 or visit the website at www.ivy-realty.com.
