Listen to this articleA growing foodservice company is expanding and relocating with the acquisition of an Edgewood flex property.
Advantage Food Marketing purchased the 35,000-square-foot flex building on 3 acres at 131 Heartland Blvd. for $8.35 million.
The company will be relocating from Hauppauge with the help of a creative real estate transaction, according to the brokers involved, which included Daniel Gazzola and Chuck Tabone of Newmark, David Chinitz of Park Place Realty and Ralph Perna of Schacker Realty.
Advantage needed to complete a 1031 exchange as part of its expansion plan, which restricted the firm to a tight time frame to find its new digs. With Long Island’s current tight industrial market, where availability is scarce, the process was problematic.
“Fortunately, David Chinitz of Park Place Realty procured an investor buyer for Advantage’s Hauppauge property that was willing to go to contract with an all-cash deal and could grant the company up to 18 months to find the perfect building for their expansion,” Gazzola said.
Advantage sold its 8,650-square-foot office building on 2 acres at 159 Adams Ave. in Hauppauge for $3 million. Chinitz represented the buyer, a Nassau County-based commercial real estate investment group, while Gazzola and Tabone represented the seller.
But Advantage still needed to find a suitable property where it could expand and relocate, which is where Perna came in with the off-market listing in Edgewood that fit the company’s requirements.
“AFM was able to sell their building and close on the purchase of 131 Heartland Blvd. within 30 days completing the 1031 exchange,” Gazzola said. “The creativity and hard work of all the brokers involved in this transaction have now given the company the room to grow their expanding business for many years to come.”
Perna represented the buyer, as well as the seller, J4SR Properties LLC, in the Edgewood sales transaction.
Founded in 1974, Advantage Food Marketing is a broker providing foodservice solutions to a variety of clients on Long Island and throughout the New York metropolitan area, serving schools, healthcare facilities, restaurant chains, hotels, catering facilities and others. The company’s staff includes bid specialists, registered dieticians, commodity coordinators and sales and marketing teams, according to its website.
