A Chicago private-equity real estate investment firm has made its first foray into Western New York, snapping up a manufacturing facility in Chautauqua County that is fully occupied.
SKFNY001 LLC, a subsidiary of Oak Street Real Estate Capital, paid $16.72 million to buy a 66,000-square-foot complex in Falconer that is occupied by SKFUSA LLC’s SKF Aeroengine Services, which will remain a tenant in the facility. The complex, which was built by McGuire Development in 2012, also includes an attached 16,000-square-foot office building.
SKF Aeroengines’ factory makes roller bearings for airplanes, and employs more than 500. Oak Street Capital specializes in single-tenant properties.