An office property in Hauppauge has been sold to an Illinois development firm that plans to build a new warehouse on the site. 

Venture One Real Estate purchased the vacant 90,000-square-foot office building on 7.42 acres at 49 Wireless Blvd for $21 million. 

Venture One, headquartered in Rosemont, Ill., plans to build a 124,000-square-foot warehouse and distribution complex at the property for a total cost of $44.29 million, according to its application with the Suffolk County Industrial Development Agency. The Suffolk IDA gave preliminary approval to the company Thursday for economic incentives for the project.

Tritec Real Estate, which had owned the property, had previously pitched a plan to build rental apartments on the site, but the proposal faced opposition from the Smithtown School District among others and the redevelopment plan was eventually scrapped. 

Another deal to sell the property to Rochester-based FSI, which had planned to build a smaller warehouse that was to be occupied by Amazon on the Hauppauge site, fell through. 

The team of Select Real Equity Advisors handled the transaction and were led by Jeff Dahlman representing the seller and Ron Kronengold representing the buyer in the Hauppauge sales transaction that closed last week. 





Source link