A New Jersey-based distressed debt and opportunistic buyer has purchased two Hauppauge office buildings on Motor Parkway.
KARB Real Estate Investment Partners and Capstone Realty Group have purchased 330-350 Motor Parkway in Hauppauge, two large twin office buildings serve as gateways to the 1,4000-acre Hauppauge Industrial Park.
The purchasers have announced plans to begin upgrading the twin office buildings, known as Towers East and Towers West. Combined, they total more than 144,000 square feet.
"The prominent location of 330 and 350 makes them great assets, which can now be offered at tremendous value to tenants given our basis in the property," said Brad Gillman, managing partner at Capstone Realty Group.
Among the key tenants currently at 350 Motor Parkway are Walter F. Cameron Advertising and New York Commercial Bank. At 330 Motor Parkway, major tenants include the First National Bank of Long Island, the Long Island Convention and Visitors Bureau and Feldman, Kramer & Monaco.
Each building is four-stories tall and has approximately 72,000 square feet. The towers are 85 percent leased with suites up to 15,000 square feet avaiable for rent. The Rochlin Organization will serve as the exclusive leasing agent for the property.