NEW YORK—Fairfield Properties has acquired Woodlands Office Park, located at 700-800 Veterans Memorial Highway in Hauppauge, N.Y. for $7.95 million. Jones Lang LaSalle’s Ray Ruiz, executive vice president and head of the company’s Long Island office, Marianne Dugan, vice president, Joseph Garibaldi, managing director and head of tri-state suburban capital markets, and Thomas Walsh, vice president, represented the seller, Orix USA Corp.
Fairfield Properties was represented internally by Michael Broxmeyer, principal.
Woodlands Office Park is a three-building campus totalling 133,987 sq. ft. of class-A office space. Situated at the intersection of Veterans memorial Highway and Route 111, the property sits on more than seven acres of land in the Central Suffolk office submarket.
“Woodlands Office Park is a terrific investment located in the steadily improving Central Suffolk office market and surrounded by Fortune 500 companies and well-established regional firms,” said Ruiz. “The high cost of development in Suffolk County allowed the buyer to acquire the property from Orix at below replacement cost, offering the new owner a competitive, long-term leasing advantage. Fairfield Properties takes a long-term view of ownership and plans to launch a multi-million dollar capital improvement program to upgrade Woodlands Office Park.”