Garden City, NY JLL Capital Markets completed the sale of 1300 Franklin Ave., a 127,496 s/f, mixed-use medical and retail building.
Working on behalf of the seller, Intercontinental Real Estate Corp., JLL arranged the sale of the property to a private buyer.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Jose Cruz and Jeremy Neuer, and JLL’s David Leviton provided leasing and market support.
1300 Franklin Ave. was originally built in the 1960s and was renovated in 2007. The 78.5%-occupied property consists of 50,000 s/f of medical office space and 50,000 s/f of retail space, with another 27,000 vacant. The tenant mix includes NYU Langone Health, Walgreens, Cornell Medicine and Healthtrax.
The property is positioned on 2.3 acres in the Central Nassau submarket on Long Island. The surrounding area is home to a healthcare sector, which is a significant demand driver to the property, and higher education institutions such as Hofstra University and Adelphi University. 1300 Franklin Ave. also has access to major Long Island thoroughfares, including the Meadowbrook State Pkwy., Jericho Tpke., Southern State Pkwy., Northern State Pkwy. and Cross Island Pkwy., providing access throughout Long Island and to Manhattan.
“Medical buildings continue to appeal to investors due to the stability of their tenants and the recession-proof nature of the sector in general,” said Cruz. “The value-add aspect of this offering also drew significant interest particularly given its central location in a healthcare hub on Long Island.”