Buyers line up to bag one of LI's prize assets.

Cushman & Wakefield announced the completion of the sale of 1979 Marcus Avenue in Lake Success, NY.

Broadway Partners and Investcorp sold the 348,000 s/f property to a partnership between the Lincoln Equities Group and the Willet Cos. The sales price was reportedly $53.5 million.

Built in 1988, the four-story Class A office building is more than 90 percent leased with major tenants that include Island Peer Review Org (IPRO), North Shore Community Hospital, Nationwide, and One Beacon Insurance.

Andrew Merin, executive vice president, David Bernhaut, executive vice president, Gary Gabriel, executive director and Jose Cruz, senior director, of Cushman & Wakefield's Capital Markets Group, represented the seller and procured the purchaser.

"This was a significant sale for Long Island. The offering attracted a substantial amount of interest from private and institutional investors," said Mr. Merin.

"This deal was also highly competitive because of the stability of the asset--which happens to be located in one of the healthiest real estate markets in country."

"The purchase of 1979 Marcus Avenue provided Lincoln Equities and The Willett Cos. an unprecedented opportunity to acquire a Class A property located in the core of the booming Western Nassau County submarket," said Mr. Bernhaut.

"This was a rare investment opportunity to acquire one of the best assets in the region."