The owners of the Buffalo Sabres and Buffalo Bills have acquired another downtown property near the KeyBank Center, snapping up a two-story red brick building on Michigan Avenue.
Terry and Kim Pegula, through HarborCenter Development LLC, paid $550,000 on Tuesday to buy the 12,560-square-foot Carr Building at 118 Michigan Ave. from Michael R. Madia of Tonawanda.
Built in 1920, the building, with awnings over its five blocked-up second-floor windows, has been in the Madia family since 1975. It's assessed at $87,000 but valued at $120,833, according to the city assessor's office.
The industrial building has a Nicolson & Hall Boiler billboard on its side, with the word "Carr" printed in the red brick along the parapet.
Don Heins, spokesman for Pegula Sports & Entertainment, said officials were not disclosing any plans "at this time."
Earlier this year, the Pegulas bought the Hi-Temp Fabrication building around the corner at 79 Perry St., at the corner of Illinois Street, paying $7 million to the McKendry family for the five-story white block warehouse building that they plan to convert into a mixed-use facility. Labatt USA will move its headquarters to the facility, while also opening the new John Labatt House restaurant and test brewery.