
RIPCO Handles Sale of Cash-Flowing Long Island MOB
RIPCO Real Estate arranged the sale of 2860 Long Beach Rd. in the Nassau County community of Oceanside, NY for $11 million. The buyer was Carco Builders, which acquired the 14,741-square-foot property from Basser Kaufman.
A RIPCO team of Stephen R. Preuss, Kevin Schmitz, Andreas Efthymiou and Kevin Louie handled the sale. Carco intends to hold the property for investment. It will continue to be leased by Ophthalmology Consultants of Long Island and ProHEALTH Dental.
“2860 Long Beach Rd. is an asset that meets the ongoing trend of investors moving their capital out of the boroughs and into well-located areas of Long Island,” said Preuss. “This sale gave the seller an opportunity to capitalize on the $3 million worth of building renovations put into the property and shift their equity into new value-add projects. The property presented the buyer with long-term stable cash-flow and highly sought-after medical office tenants.”
- ◦Sale/Acquisition