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A Holbrook office property across from MacArthur Airport has sold for $13 million.
MDJ Realty Services, an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway.
The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as MacArthur Plaza, is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent.
Though the Broxmeyers are also top executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be owned and managed by MDJ.
Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust.
The buyer MDJ Realty Services was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield‘s Long Island Investment Sales and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction.
“This transaction underscores continued confidence in well-located suburban office assets, as investors continue to concentrate capital in markets where infrastructure spending, zoning flexibility, and demographic trends are converging to drive long-term value,” Abbondandolo told LIBN. “While the broader office market remains selective, data continues to point to stronger occupancy, more consistent leasing activity, and tighter pricing in high-performing suburban submarkets. With prudent capital allocation, MacArthur Plaza offers both stability today and meaningful upside over the long term.”
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David Winzelberg
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