Mivila Finalizes Purchase of 320,000-SF Plant

NEW YORK CITY-A New Jersey-based food distributor has completed its acquisition of a 320,000-SF industrial facility that was once used to assemble F-14 fighter jets for the US Air Force. The company, Mivila Foods, is currently in the process of moving into its new distribution center, located in the Long Island town of Riverhead.

The transaction, which closed on March 15, was arranged by Grubb & Ellis Co. executive vice president Jack O’Conner, who represented both Mivila and the seller, developer Jan Burman. According to O’Conner, the final purchase price of the building was roughly $5 million. He adds that Mivila has secured an $8-million loan package to cover the purchase price as well as improvements to the building, including roughly $1 million for a new roof.

“Long Island is nothing but growth,” Mivila president Ted Laoudis tells GlobeSt.com. “The facility is centrally located and there were people working with us on all aspects [of the transaction].” While Laoudis says the space requires no build out, refrigeration, storage and other equipment are reportedly needed in order to get the facility on its feet.