THE BLUEPRINT:
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Capstone Equities acquired Franklin Avenue Plaza for $41M
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JLL appointed exclusive leasing agent for 523,758 SF complex
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Office space available at $36/SF with modern amenities
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Current tenants include Merrill Lynch, Stifel, and ShelterPoint
The new ownership of a sprawling Garden City office complex has retained JLL as the property’s exclusive leasing agent.
Known as Franklin Avenue Plaza, the four-building complex, totaling 523,758 square feet, was acquired by Manhattan-based Capstone Equities. Capstone, led by principals Joshua Zamir and Avi Kollenscher, purchased the properties from The Treeline Companies for about $41 million this summer, according to real estate industry sources. The Treeline Companies acquired Franklin Avenue Plaza in 2007 from Cammeby’s International for about $99 million.
The complex includes the three-story 1205 Franklin Ave., the six-story 1225 Franklin Ave., the five-story 1305 Franklin Ave. And the six-story 1325 Franklin Ave. The four office buildings are about 88 percent occupied by a variety of financial and professional services firms, including Merrill Lynch, Stifel, Bessemer Trust, and ShelterPoint Insurance, according to a JLL statement.
Amenities at the Garden City office complex include a fitness center, conferencing facility, full-service café, and a dry cleaner.
“Franklin Avenue Plaza has a strong legacy as a cornerstone of the Garden City office landscape, and we are excited to build on that foundation at a time when the office market is rapidly evolving,” Zamir said in the statement. “We look forward to collaborating with JLL to support current tenants and welcome new businesses seeking inspiring, high-quality office space in a prime setting.”
The JLL team of Joe Lopresti, Kyle Crennan and Brian Weigold are leading the marketing efforts for Franklin Avenue Plaza.
“We are thrilled to be partnering with Capstone Equities to reintroduce such a prominent office complex to the market,” Lopresti said in the complex. “With a well-capitalized new owner in place, we will be able to deliver top-quality buildouts, refreshed common areas, and upgraded amenities for tenants. The stage is set for an exciting new chapter at Franklin Avenue Plaza, and we look forward to attracting and retaining leading businesses in the area.”
Most of the available office space at Franklin Avenue Plaza is being offered at $36 a square foot.
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