Island Associates
West Islip, NY Roger Delisle of Island Associates Real Estate Inc., who represented the purchaser, and Harvey Kolin of Corporate Commercial Realty, LLC, who represented the seller, negotiated and closed the $2.45 million sale of 425 Union Blvd. The site will be redeveloped with a Quick Chek market with gas, a free-standing restaurant with 175 seats and a retail building of 9,000 s/f.
The seller was the operator of the former Dzus Fastner factory. The purchaser is a real estate owner, developer and operator who owns properties throughout the east coast. They purchased this property so that it could be repositioned and put back into productive use. The redevelopment of the property should begin in the coming months.
When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.