A FedEx Freight facility in Tonawanda has been acquired for $2.6 million by a Colorado-based real estate firm that specializes in working with the shipping firm.
Located at 1930 Military Rd., the 7.2-acre site features a 48,742-square-foot industrial truck terminal building with 66 loading docks and seven overhead doors. Built in 1965, it has 14-foot ceilings and a four-bay maintenance facility. It was renovated and expanded in 2008, and is assessed at $674,250.
The complex is leased by the ground shipping division of FedEx, which has been serving the Buffalo market from that location since 2000, when Memphis-based FedEx Corp. bought American Freightways. It's leased through June 2020.
KiernanWest LLC of Telluride, acting through KW Buf LLC, bought the property from RLR Investments LLC of Wilmington, Ohio. The seller, RLR is a property investment company with holdings ranging from warehouses and manufacturing facilities to vacation resorts, residential properties and land for development. It owns hundreds of properties in 29 states.
The buyer is a private real estate development firm, owned and managed by two families: Kevin and Patricia Kiernan and Gary and Mary West. The firm provides build-to-suit services for FedEx and Mexico's Bimbo Bakeries, but has also worked with leading retailers and restaurants such as Burger King Corp., Home Depot, Office Depot and Office Max, PetSmart, Sears, Nordstrom Rack, Time Warner, Verizon and Walgreens.