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Carco buys $10.5M Huntington Station property from Kimco
A Jericho-based company bought an office and retail property in Huntington Station from Kimco Realty Corp. for $10.5 million, parties to the sale announced Monday. A limited liability company controlled by Jericho-based Carco Builders Corp. purchased the 32,000-square-foot office building and 9,900-square-foot retail building at 100-110 Walt Whitman Rd., adjacent to the Walt Whitman Mall.
The office building is 71.8 percent occupied, and the retail space has been the longtime home of a T.G.I. Friday’s franchise.
Kimco, a New Hyde Park-based real estate investment trust, bought the property at the height of the real estate market in 2007 for $12.7 million, according to property records. The buildings were part of an 11-property portfolio acquired from National Birchwood Corp. for $92.1 million, Security and Exchange Commission filings show.
Scott Berfas, a managing director at Newmark Grubb Knight Frank who represented Kimco on the sale, said the transaction was a positive for the Long Island market.
“A local operator of office buildings believes in Long Island, believes it’s a core asset they want to own and is bullish in leasing the vacant space,” Berfas said.
Kimco and Carco Builders did not immediately respond to calls for comment about the transaction.
Photo: The two properties at 100-110 Walt Whitman Rd. that have changed hands for $10.5 million.