"Since its a different location, another company file needs to be created and used"

No; you keep that One FEIN = one file. The multiple warehouse functions is in that one file. You cannot manage one company's financial data using two different data files.

"How do we keep this inventory synced or "centralized" with two different company files that have the SAME ITEM LIST."

You don't use that method. If you have a need for Multiple Locations, that is why you use Enterprise with the Additional function.