Joseph Farkas, CEO and founder of Metropolitan Realty Associates LLC (MRA) announced that the company has closed on the acquisition of three properties comprised of a vacant 75,000-square-foot, single story cold storage/freezer facility and distribution center, as well as 11.5 acres of land located at 33 Rajon Road, Bayport New York, for $12.6-million. The building was formerly occupied by global baking giant, Europastry USA.
“In light of today’s tight industrial market, we are excited to acquire a prime cold storage facility with significant expansion potential. With the explosion of the food preparation and delivery service business across Long Island, this facility is ‘plug and play’ ready for the next operating business seeking fully functional cold food storage and distribution,” said Farkas.
The site is located on the south side of Route 27 (Sunrise Highway) at the intersection of Nichols Road, with convenient access to Exit 62 of the Long Island Expressway.
The move-in ready cold storage facility boasts 40-foot clear ceiling heights, a 35,000-square-foot in-place freezer with full height racking, 11 loading docks and two drive-in doors, allowing a future tenant to begin operating immediately. MRA is also finalizing approvals with the Town of Islip for the development of two Class A, free standing industrial warehouse and distribution buildings totaling approximately 172,000 square feet at the site.
About Metropolitan Realty Associates, LLC
Metropolitan Realty Associates LLC (MRA), established in 2001 by Joseph Farkas, CEO, and founder, is a fully integrated, private real estate investment company specializing in core, core-plus, and opportunistic investments in the New York metropolitan area. MRA creates outsized returns for its investors through joint venture partnerships with institutional investors and high net worth individuals, implementing investment strategies that prioritize first-class environments for its tenants.
