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Arista Development buys foreclosed Amherst medical park

The uncertainty surrounding a two-building medical office park on Maple Road in Amherst has ended.

Arista Development's Robert Nuchereno on Friday acquired the 23,000-square-foot complex at 1825-1829 Maple from the special loan servicer that took possession of the property in March following a foreclosure auction.

Nuchereno paid $1.05 million through an online auction to CWCapital Asset Management LLC, which represents the investors who held the former mortgage on the 2.4-acre MedFour Medical Park.

Located at the southeast corner of Maple and Ayer roads, just down the street from Millard Fillmore Suburban Hospital and across from University Pediatric Dentistry and a Tim Hortons Cafe & Bake Shop, the two-story, white-and-brown brick buildings were constructed in 1974 and renovated last April.

They had been owned by Med Four LLC, which was registered to the address of Florian Financial Group, whose office is in the complex. CWCapital initiated foreclosure in 2013 after Med Four defaulted on a 2006 loan with a balance of $2.57 million that was due in January 2017, according to research firm Trepp LLC. CWCapital ultimately took possession for $3.64 million after a foreclosure auction last March.

The buildings were marketed for sale through Pyramid Brokerage Company and Ten-X, a national online firm formerly known as Auction.com.

The buildings house mostly medical tenants, including Kaleida Health Laboratories, WNY Rheumatology Center, Maple Ayer Medical, Williamsville Psychiatry, Internal Med ID Associates LLC, MDVIP, Hens Pain Center and other medical practices.

But there are still three medical suites available, ranging in size from 2,500 square feet to 5,500 square feet.

Nuchereno said he plans to renovate the vacant space to Class A level, and is counting on the proximity to the hospital as "a big plus." The complex also has "more than enough parking," he said.

 

 

 

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