Grubb & Ellis' Jack O'Connor, EVP of the firm's Long Island office, represented Vertical Line in its purchase of the Grumman Boulevard. property. While the purchase price was not disclosed, a spokesperson for the brokerage tells GlobeSt.com that the facility sold for "full market price for Calverton," and that raw acreage in the area goes for about $100,000 per acre.
In all, Enterprise Park totals nearly 2,900 acres and formerly served as the Naval Weapons Industrial Reserve Plan. "This facility is an ex-hangar with a 30-ft high ceiling that once stored F-14 fighter plans," said O'Connor, who also represented the seller, developer Jan Burman, on the deal. He noted the land purchased also provides Vertical Line with the possibility to expand in the future with another 10,000 sf.
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