An industrial property in Hicksville has sold for $12.05 million.
The Trans Group, a school bus and charter bus services conglomerate, purchased the 67,152-square-foot warehouse on 3.99 acres at 85 Bloomingdale Road. The expanding company plans to use the property as a bus depot and maintenance facility.
The property was formerly used for automobile storage.
The origins of The Trans Group date back to the 1950s, when the Corr family began providing bus service to a few Long Island school districts. Today the company has grown to own a fleet of more than 1,300 vehicles and it employs over 2,000 people.
The Hicksville sale was part of a 1031 exchange, after the seller, Hillside Properties & Storage, purchased a 12,500-square-foot commercial building in Jamaica, Queens this spring.
Larry Schusheim of LMS Corporate Realty represented The Trans Group, while Michael Gronenthal and John Abbate of Douglas Elliman Commercial represented the seller, Hillside Properties & Storage, in the Hicksville sales transaction. Gronenthal and Abbate also represented Hillside in its Jamaica acquisition.
“The deal took over a year to put together, because of many obstacles and market conditions,” Gronenthal said. “We had several contracts on the Hicksville property that never came to fruition, but we persevered and were able to get this done.”
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