Acquest Development of Buffalo has sold a Grand Island property that houses the U.S. Customs and Border Protection headquarters to a Chicago real estate management company for $11.4 million in one of the largest real estate deals on Grand Island.
The Customs and Border Protection and Office of Homeland Security lease the building there.
The sale of 201 Lang Blvd. to Boyd Watterson Asset Management in Chicago will leave the long-term leases in place for the two government agencies.
"We saw some apartment buildings that sold for $6 (million) or $7 million, which was a real big one, but I think this may be one of the largest," said longtime Grand Island Planning Board Chairman Peter Marston, of the sale which was recorded on Thursday with the Erie County Clerk's office.
The property includes 20,000 square feet of office space and 20,000 square feet of maintenance and storage space, as well as 11.2 acres of land. According to the deed, the property is assessed at $3 million.
The Grand Island deal is just one of 35 government-type offerings listed for sale by Acquest and one of three Customs and Border Patrol offices the company has included in its portfolio for sale.
Marston said if Boyd Management has any plans to further develop the property it must file plans with the Planning Board.
"I've toured (the Customs and Border Patrol) building with my son's Boy Scout troop and they have some pretty impressive stuff in there," said Marston. "I'm sure they have more than a five-year lease. There's a lot of technical stuff in there."