X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RIVERHEAD, NY-The Town of Riverhead has pulled off one of the biggest industrial/office deals in Long Island history with the 491-acre sale of Phase I Enterprise Park at Calverton.

Developer Jan Burman purchased the 18-building complex for $17 million. Grubb & Ellis executive vice president Jack O’Connor, from the firm’s Melville office, and his Manhattan associate, vice chairman of the board Dick Seeler represented the seller and procured the buyer. The commercial real estate firm will serve as sales and leasing agent for the space going forward and will advise Burman regarding further development of the land.

Phase I comprises roughly 900,000 square feet of office and industrial space and the ability to build an additional two million square feet of undeveloped space. The total site, including Phase I, is roughly 2,900 acres and G & E will continue to broker on behalf of the seller for the remaining 1,500 developable acres. Under the current plan, of the remaining developable land, 215 acres are earmarked for a private airfield and the rest is zoned for family entertainment. Options under consideration are hotels, golf courses, tennis courts and ball fields.

The site was assembled in the 1950s as the Naval Weapons Industrial Reserve Plant at Calverton. It was leased to Grumman Corp. for assembly and testing of military aircraft. Defense downsizing resulted in the land being transferred to the town of Riverhead Community Development Agency in 1988. In the process of procuring a buyer and piecing together the sale, Grubb & Ellis worked with three successive town administrations and a laundry list of local, state and federal groups before reaching a deal with Burman.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.