A rising foodservice firm is increasing and relocating with the acquisition of an Edgewood flex property.
Benefit Meals Advertising and marketing bought the 35,000-square-foot flex constructing on 3 acres at 131 Heartland Blvd. for $8.35 million.
The corporate can be relocating from Hauppauge with the assistance of a inventive actual property transaction, in keeping with the brokers concerned, which included Daniel Gazzola and Chuck Tabone of Newmark, David Chinitz of Park Place Realty and Ralph Perna of Schacker Realty.
Benefit wanted to finish a 1031 trade as a part of its growth plan, which restricted the agency to a good timeframe to seek out its new digs. With Lengthy Island’s present tight industrial market, the place availability is scarce, the method was problematic.
“Luckily, David Chinitz of Park Place Realty procured an investor purchaser for Benefit’s Hauppauge property that was keen to go to contract with an all-cash deal and will grant the corporate as much as 18 months to seek out the right constructing for his or her growth,” Gazzola mentioned.
Benefit bought its 8,650-square-foot workplace constructing on 2 acres at 159 Adams Ave. in Hauppauge for $3 million. Chinitz represented the customer, a Nassau County-based industrial actual property funding group, whereas Gazzola and Tabone represented the vendor.
However Benefit nonetheless wanted to discover a appropriate property the place it may increase and relocate, which is the place Perna got here in with the off-market itemizing in Edgewood that match the corporate’s necessities.
“AFM was in a position to promote their constructing and shut on the acquisition of 131 Heartland Blvd. inside 30 days finishing the 1031 trade,” Gazzola mentioned. “The creativity and laborious work of all of the brokers concerned on this transaction have now given the corporate the room to develop their increasing enterprise for a few years to come back.”
Perna represented the customer, in addition to the vendor, J4SR Properties LLC, within the Edgewood gross sales transaction.
Based in 1974, Benefit Meals Advertising and marketing is a dealer offering foodservice options to a wide range of purchasers on Lengthy Island and all through the New York metropolitan space, serving colleges, healthcare services, restaurant chains, motels, catering services and others. The corporate’s workers consists of bid specialists, registered dieticians, commodity coordinators and gross sales and advertising and marketing groups, in keeping with its web site.