A Brooklyn investment group has purchased a large industrial warehouse and distribution complex adjacent to the Scajaquada Expressway and just behind the Monarch 716 student housing complex on the West Side.
The buyers–- 2225 East 7 Properties and JEMF Buffalo Industrial – paid $3.6 million to acquire five separate properties and two facilities from Buffalo Niagara Business Park, based in Los Angeles. The properties, totaling 10.3 acres, are located at 40 Bradley St., 120 Dart St. and 66 Danforth St.
The seller is owned by Industrial Realty Group, a privately held real estate development and investment firm that buys, develops and manages both commercial and industrial real estate nationwide. The company, whose president and CEO is Stuart Lichter, manages more than 150 properties in 28 states, with more than 100 million square feet of rentable space.
The property consists of a 450,000-square-foot storage and shipping warehouse for food-grade products and general merchandise. It's occupied by Regional Logistics Group, a transportation and warehousing company that services international trucking between Western New York and the Port of New York and New Jersey.
Regional provides full containers, less-than-full containers, export quality control inspection for letters of credit, claims and fumigation service, as well as import broker, export forwarding and freight forwarding. The company operates 40 tractors and 85 trailers within 800 miles of Buffalo.