Three Properties in Hauppauge Park Sold. Colliers International Arranges Transactions with Three Different Buyers, then Leases Surplus Space

Lake Success, NY, November XX, 2017 – Miteq Realty Associates LLC recently sold a three-building portfolio of flex properties in Hauppauge, NY for $16.85 million. Colliers International’s Jason F. Maietta and Steven E. D’Orazio represented Miteq Realty Associates and procured the buyers in the transactions. All the buildings are located in Hauppauge Park, one of the largest industrial parks in the country with 1,400-acres and more than 1,000 businesses employing 55,000 people.

“Demand for industrial and flex space in the Long Island market is very strong right now, with additional competition in the purchase-to-occupy category. We developed a creative strategy to market Miteq’s portfolio to local Long Island flex users who could utilize the Hauppauge Park’s unique infrastructure to serve their national customer bases.”

In the largest of the transactions, Bactolac Pharmaceuticals purchased 330 Oser Avenue, a 108,000-square-foot flex building on eight acres, for $8.2 million. The Colliers team also arranged Broadway National’s purchase of 100 Davids Drive, a 65,500-square-foot, two-story flex building on 4.0 acres, and an adjacent 2.6-acre land parcel for $6.2 million. Broadway National will move into the building after existing tenant L3 Communications relocates to an owned building also in the Hauppauge Park. Finally, Geosync Mirowave bought 320 Oser Avenue, a 20,000-square-foot, single-story flex building and machine shop on two acres, for $2.45 million.

All the new owners acquired the buildings for occupancy.

Shortly after its purchase of 320 Oser Avenue, Geosync Microwave retained the Colliers team as leasing agent for 10,000 square feet of surplus space in the building. Mr. Maietta and Mr. D’Orazio identified a number of potential tenants, including SLV Pharmaceuticals, which leased the space for XX years.

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