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Joint venture’s $40M Riverhead industrial park purchase proceeds

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Calverton Aviation and Technology has agreed to proceed with a proposed $40 million purchase of the Enterprise Park at Calverton, Newsday reported. The joint venture between Canada’s Triple Five Group and an affiliate of Luminati Aerospace had faced a May 19 deadline to notify Riverhead about whether it would move forward with its plans to acquire more than 1,600 acres at the Enterprise Park, which was once home to defense contractor Northrop Grumman. The new owners plan to redevelop at least 600 acres at the property into 9.8 million square feet of development for an industrial facility. The Luminati unit, however, ran into financial troubles and announced in April that it would move to upstate New York. On Monday, Newsday reported that the Riverhead Town Board will vote this week on whether to hire one of two outside law firms to advise it on whether to approve the transaction. [Newsday]