A local commercial real estate investment group has acquired a vacant multitenant building along Broadway in Cheektowaga.
The sale serves as another snapshot of local rising sale prices of distribution and light manufacturing space, given the dearth of that space.
According to Sept. 6 filings in the Erie County Clerk’s office, Broadway Industrial Park LLC paid $950,000 for the 22,082-square-foot building at 4400 Broadway. The building had been owned Amore Enterprises Inc.
Amore Enterprises, whose listed member was local businessman Gaetano ModicaAmore, bought the building in 2015, paying $435,000, according to county clerk’s filings. In eight years, its value rose 118%, based on the sale price.
“That’s what we are seeing these days,” said Lida Eberz, CBRE/Buffalo industrial real estate specialist.
CBRE/Buffalo, in its annual tracking of industrial space, found the region has a 1.5% vacancy rate on slightly more than 68 million square feet of distribution/light manufacturing space.
• 668 Clinton LLC paid $420,000 for the Bethel Tabernacle United Holy Church building at 668 Clinton St., Buffalo, according to a Sept. 6 filing in the county clerk’s office. The 7,240-square-foot building, constructed in 1962, had been owned by Lise Kayler.
• A 1900-era house-turned-double at 1017 Walden Ave., Buffalo, was acquired by investors Abu Zafar and Rahena Aktar, who paid $130,000. That works out to $65,000 per unit. The property had been owned by 1017 Walden LLC.
• A four-unit apartment building at 7 Trent Square in Cheektowaga was acquired by Lutfar Nahar and Raihan Arafin, who paid $320,000. The building, constructed in 1941, had been owned by PFM Properties LLC. The deal works out to $80,000 per apartment.
• Investors Thomas Lee Jr. and David Zane paid $126,000 for a two-unit apartment building at 85 Howell St., Buffalo. The building, which dates back to 1924, had been owned by Secure Choice LLC.
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