Agri-Kind LLC is planning a new marijuana cultivation facility at 1705-1717 Atlantic Ave. and 19 North Dr. Martin Luther King Blvd. in Atlantic City. Rendering courtesy: Vantage Commercial
By Joshua Burd
The operator of a planned marijuana cultivation facility has acquired 3.7 acres in Atlantic City’s tourism district, brokers with Vantage Commercial announced Thursday.
The buyer, listed as Agri-Kind LLC, paid an undisclosed price for the sites at 1705-1717 Atlantic Ave. and 19 Dr. North Martin Luther King Blvd., according to a news release. The brokerage team described the deal as one of the largest non-casino and non-entertainment real estate transactions in the city in some three decades, noting that the site was assembled by the Trupos and Angeloni families over the course of 30 years through more than 40 transactions.
Vantage Commercial’s Corinne Giletto and Leor Hemo assisted both parties in the deal, the firm said, adding that they overcame varying levels of complexity in the approval process.
“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,” said Dr. Craig McHugh, the business’ co-owner. “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.”
In a news release, Vantage Commercial said the 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 more than 24 million visitors annually, the firm added.
“The sale of 1705-1717 Atlantic Avenue and 19 North Martin Luther King Boulevard marks a significant milestone for Atlantic City and the commercial real estate industry,” said Hemo, the firm’s CEO and president. “We are proud to have played a role in this deal, which will bring new job opportunities and economic growth to the area.”