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Investcorp buys 3 LI office buildings
Investcorp, a Bahrain-based investment firm, has acquired three Long Island office buildings through the purchase of a portfolio of buildings and retail properties in the United States valued at $250 million.
The Long Island properties include three office buildings in Garden City, Mineola and Rockville Centre -- some of the most active office markets on the Island.
The offices are at 666 Old Country Rd. in Garden City, 114 Old Country Rd. in Mineola, and 100 Merrick Rd. in Rockville Centre -- and total around 340,000 square feet, according to CoStar Group, a commercial real estate data provider.
A spokesman for Investcorp declined further comment on the Long Island portion of the purchase. But CoStar reported that Investcorp bought the package of Long Island buildings from Prudential Real Estate Investors for $50.3 million -- or $134 per square foot.
"We believe that these properties also present an opportunity to improve their operating and leasing performance over a longer time horizon," said Herb Myers, a managing director in Investcorp's U.S. offices, in a news release.
Other properties in the $250 million package include properties in Chicago, Los Angeles and Minneapolis. Investcorp had over $10.5 billion in assets over management as of June.