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Inter-County Bakers, Inc. has acquired 1095 Long Island Ave. in Deer Park, N.Y., from the Guggenheim Foundation. The $6.25 million purchase followed an extensive search by the privately-held baking product distribution company for a location in which to expand, according to Newmark Grubb Knight Frank’s Ralph Perna, who represented Inter-County in its effort to locate a new base of operations from its current facility in nearby Lindenhurst, N.Y.
After reviewing several potential locations, Inter-County decided on the 108,000-square-foot industrial facility on Long Island Avenue, where it will raise the roof, expand the site to 115,000 square feet and add a refrigeration component to meet the demands of its growing business.
Structured as a 1031 exchange transaction, Inter-County acquired the property when it sold its Lindenhurst facilities-1110 and 1110A Route 109, which measure 30,000 and 68,000 square feet, respectively-to Clear Flo Technologies, its tenant at 1110A Route 109, for $6.2 million. Clear Flo occupies approximately 25,000 square feet here.
Further, the acquisition by Inter-County was approved for an economic incentive package that included real estate tax breaks from the Town of Babylon’s Industrial Development Agency, which helped retain the baking interest and its 90 jobs on Long Island.
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