As part of its ongoing effort to divest its Woodbury portfolio, RXR has sold three more of its office properties.
Hauppauge-based Aresco Management purchased the 125,293-square-foot building on 6 acres at 88 Froehlich Farm Blvd. for $21.5 million.
Built in 1999, the building is 96 percent occupied with a tenant roster that includes CBIZ, Gettry Marcus, Wells Fargo and several others. Aresco plans to convert the vacant space on the lower level into amenity space for the tenants.
The 70,203-square-foot building on 5.49 acres at 177-199 Crossways Park Drive was purchased by Dunkirk Realty for $12.5 million. Built in 1965 and renovated in 1993, the building is 100 percent occupied by five tenants.
A partnership of Peter Tilles and Frank Zuckerbrot, 230 TZ Realty LLC, purchased a 16,943-square-foot building on 1.48 acres at 230-240 Crossways Park Drive for $2.965 million. Built in 1976, the building is 100 percent occupied by two tenants.
The three properties were part of the portfolio of more than 30 Woodbury office and industrial properties that RXR took over from CLK/Houlihan-Parnes in a loan-to-own strategy more than a dozen years ago.
In 2014, RXR secured a $144 million loan from an affiliate of Manhattan-based NorthStar Realty Finance to refinance 28 of its office and industrial properties in Woodbury. The financing represented about 84 percent of the $171 million that the portfolio was valued at the time and was used to pay off the portfolio’s pre-existing CMBS loans that had a balance of $128.7 million.
In recent years, RXR has been selling off its Woodbury portfolio to investors and end-users. At the end of 2018, RXR sold six of its Woodbury office buildings to the Feil Organization for $37.4 million. The six buildings, which totaled 192,916 square feet, included 65 Froehlich Farm Blvd., 105 Froehlich Farm Blvd., 175 Froehlich Farm Blvd., 225 Froehlich Farm Blvd., 800 Woodbury Road and 99 Sunnyside Blvd.
At the end of 2021, RXR sold a 50,559-square-foot office building on 6 acres at 1 Media Crossways to the Rockefeller Group for $10.25 million and a 35,000-square-foot building on 3.68 acres at 420-424 Crossways Park Drive to Dunkirk Realty for $6 million.
Today, only a handful of Woodbury properties are left in the RXR portfolio.
Jeffrey Dunne, Steve Bardsley, Travis Langer and Phil Heilpern of CBRE procured the buyers and represented seller RXR in the recent Woodbury sales transactions.
Article: https://libn.com/2023/02/22/rxr-sheds-three-more-long-island-office-properties/