Hines Sells 408K SF on Long Island

A four-story office building built in 1971 has sold for nearly $36 million in Melville, a small town in Long Island, NY.

Hines Real Estate Investment Trust Inc., sold 3 Huntington Quadrangle for about $75 per square foot to partners Treeline, based in Garden City, NY, and the KABR Group, based in Ridgefield Park, NJ.

The 408,000-square-foot property is 95% occupied with tenants including several health and insurance companies such as Empire Blue Cross/Blue Shield, CIGNA, Northwell Health and Travelers Insurance Co. A strong location near a busy road helped make the office complex attractive.