Vantage Commercial Orchestrates Sale of Prominent Parcel on Atlantic Avenue
One of the Largest Brokered Land Sale in Green Zone in Atlantic City
Vantage Commercial, a leading commercial real estate brokerage, is pleased to announce the sale of 1705 – 1717 Atlantic Avenue and 19 N. Martin Luther King Boulevard, Atlantic City, New Jersey, to an experienced marijuana cultivation company for the future site of a state-of-the-art cultivation facility. This deal marks one of the largest non-casino and non-entertainment real estate transaction in Atlantic City in over three decades.
The 3.7-acre parcels, situated in the heart of the Central Business District within the Tourism Zone of Atlantic City, was assembled by the Trupos Family and Angeloni Family over the course of 30 years through more than 40 transactions. Vantage Commercial assisted the buyer and the sellers in a multifaceted development deal, overcoming varying levels of complexity in the approval process. Corinne Giletto, Director of Client Services and Land Development Specialist, and Leor Hemo, President and Chief Executive, utilized their extensive knowledge and connections in the Atlantic City market to bring the deal to fruition.
“Agri-Kind is very excited to be the newest member of the Atlantic City community thanks to the diligent efforts of Corinne Giletto and the Vantage Commercial team. We are looking forward to being a part of the revitalization of this city block and bringing many job opportunities to the residents of Atlantic City. We are grateful to the local and state governments for this opportunity,” said co-owner Dr. Craig McHugh.
For over twenty years, Hemo and Giletto have been involved in the redevelopment of Atlantic City through various listings, community involvement, and meetings with city officials. Vantage Commercial has focused on expanding the industries that lead Atlantic City’s economy and attracting new owners and tenants to Atlantic County. The addition of a cannabis cultivation facility is expected to bring hundreds of jobs to the community and will support the growth of the cannabis retail businesses in the region. Atlantic City realizes over 24,000,000 visitors a year, which will contribute to the success of this location that is strategically positioned within the Green Zone of Atlantic City, an Opportunity Zone, the Commercial Business District of Atlantic City, and Atlantic Avenue & Martin Luther King Boulevard.
“The sale of 1705 – 1717 Atlantic Avenue and 19 N. Martin Luther King Boulevard marks a significant milestone for Atlantic City and the commercial real estate industry. We are proud to have played a role in this deal, which will bring new job opportunities and economic growth to the area. Vantage Commercial will continue to hold its presence as a top Broker in Atlantic County,” said Hemo.