Hauppauge office complex sells for $16M

Valley East Management bought an office complex in Hauppauge made up of two four-story buildings for $16 million, according to Holliday Fenoglio Fowler, which marketed the property. The sellers were KABR and Capstone Realty groups, two real estate investment firms. (Long Island Business News put the sale price at closer to $15 million.) The two buildings, The Towers West at 330 Motor Parkway and The Towers East at 350 Motor Parkway, altogether contain 131,223 square feet. The recently renovated complex, which was built in 1971 and sits on 7.7 total acres, is 94 percent leased to 41 tenants. Amenities in the complex include a cafeteria, fitness center, conference rooms, storage areas and parking. The HFF team that handled the deal included Jose Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver. [HFF]