A Cheektowaga property manager and investor has acquired the former Verizon Communications Service Center in Depew, adding to his commercial real estate holdings in Western New York.
Frank Campofelice, owner of Burgio & Campofelice in Cheektowaga and Walden Development Group in Elma, bought the 17,720-square-foot facility at 2525 George Urban Blvd. from Verizon New York for $650,000.
Built in 1967, the single-story longtime telephone service facility sits on 2.5 acres near French Road, and was assessed at $600,000. It's just up the road from the George Urban Business Center, which Campofelice's Walden Development already owns.
Campofelice was traveling and could not be reached to comment.
Verizon's predecessors acquired the property in 1973, and used it as a garage and work center until December 2015. At that point, according to an August 2017 Public Service Commission document, the company determined it no longer needed the facility for its New York operations, although it maintained a "perpetual easement" for access to its telecommunications equipment room.
The New York City-based company hired Cushman & Wakefield to market the property for sale to more than 450 agents, brokers, developers and investors, and received offers from three potential buyers. Walden Development was the highest bidder, according to the PSC document.
The privately held, family-owned real estate development and management firm has operated in the Buffalo and Rochester markets for more than 15 years, with a portfolio of office, commercial retail, warehouse and residential space. The company employs full-time architects, project managers, superintendents and property managers.
Besides the George Urban Business Center, its holdings include Southgate Plaza and Seneca Square in West Seneca, Walden Commons in Cheektowaga, the Williamsville Center at 5500 Main St. in Williamsville, Transit Commons in Elma, Boulevard Suites and 1868-1876 Niagara Falls Blvd. in Tonawanda, and the Empire Plaza in the Rochester suburb of Webster.