Fairfield Properties has picked up an office building in Melville, New York in a $15.375 million transaction. The 118,526 square foot property, located at 35 Pinelawn Road, changed hands for just under $130 per sqf. It was 91 percent leased at the time of the sale to 26 tenants, features a café and fitness center and is within walking distance of a full service Marriott Hotel. CBRE’s Institutional Properties represented RA 35 Pinelawn Road in the sale in collaboration with CBRE Long Island office.
Jeff Dunne CBRE, stated. “35 Pinelawn Road provides stable cash flow with minimal rollover exposure. This coupled with an average tenant size of 3,950 SF offers limited downside with good upside from further leasing and rent growth. The acquisition of 35 Pinelawn is a strong addition to Fairfield Properties’ portfolio, which already includes a significant number of assets in the Melville market.”
