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GROVELAND, FL-Ferraro Foods of Florida LLC has paid $4.2 million–or $33.20 per sf–for the eight-year-old, 126,500-sf structure at 20100 Independence Blvd. here. The per-sf-price is “at least $15 below current replacement cost” of the property, area construction industry sources tell GlobeSt.com. “That means Ferraro got a good deal.” Ferraro is the Piscataway, NJ-based importer of Marino and Domenico Vitale brand products from Italy.

On the market for a year with no takers, the asset was brokered by the Bo Bradford-Tom McFadden team from the Orlando office of Advantis Real Estate Services Co. The property sold 90 days after Palm Beach, FL owner-developer Robert Mantovani gave the team the listing. Ferraro will use the building as its first food distribution facility in Florida.

“Competition for such a quality building was fierce,” Bradford says. Three other buyers were bidding. The distribution center became available last year when Marriott Hotels shut it down along with other similar centers nationwide, the brokers tell GlobeSt.com. “They were out of the building by the time we listed the property for sale,” McFadden says. Marriott had leased the distribution center from Mantovani.

The building’s 126,500 sf includes 6,500 sf of primary office space and 730 sf of warehouse/office space with the remainder used for general warehousing, freezer, cooler and staging area purposes.

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