Commercial real estate developer Ron Alsheimer paid $3 million for a mostly vacant Amherst office building near University at Buffalo’s North Campus.
Alsheimer, president of the Plaza Group, has bought the four-story brown building at 501 John James Audubon Parkway, adding the 71,632-square-foot facility to his firm’s holdings. The building, known as One Towne Center, features office suites and more than 300 parking spaces on 6.61 acres. It's about two-thirds empty.
Alsheimer, whose firm specializes in leasing small office suites, said he plans to use about one-eighth of the building for his Plaza Suites concept, but will seek tenants for the remaining 20,000 to 25,000 square feet.
"It’s very well-built," Alsheimer said. "It has a lot of possibilities to it. It has further expansion space to build more. And it’s a nice peaceful setting."
The building was owned by an investor group, Towne Center Development Company LLC, that included the Peterson family, from MJ Peterson Corp., which occupied the building with Mark IV Industries. The building's tenant roster is led by Lawley Insurance, iEvolve and the Nesper Ferber DiGiacomo Johnson & Grimm LLP law firm.
The property was listed through Pyramid Brokerage Company for $3.6 million, and had “serious interest” from at least two other potential buyers that never got beyond a “letter of intent,” said broker David Schiller.
"It’s really a very nice building," Alsheimer said. "We’re happy to make the acquisition."
Plaza Group owns 42 commercial properties in Western New York, Central New York and North Carolina, typically operated as Plaza Suites office space.