Listen to this articleAn office property in Huntington has sold for $5.15 million.
205 RTD Realty LLC, an affiliate of a Jericho-based commercial real estate investment firm, purchased the 24,000-square-foot building on 1.44 acres at 205 East Main St.
The building, known as the Village East Professional Center, is 97 percent occupied by a mix of medical and professional office tenants.
Built in 1976, the three-level building has parking for 103 vehicles. The property was sold by the family of its original developer.
The sale price equates to a 7.5 percent cap rate.
Mark Walsh of Select Real Equity Advisors represented the buyer, as well as the seller, 205 East Main Street LLC, in the sales transaction.
“As exclusive brokers for 205 East Main Street, we had very strong interest from the commercial real estate investment community,” Walsh told LIBN. “Medical office buildings are still a focus for commercial real estate investors, as evidenced by this quick sale, going from contract to closing in 55 days.”