A stand-alone professional office building in North Tonawanda is likely to find new life hosting amenities for a large apartment complex that is being built next door, after it was acquired by the owner of the multifamily property.
Lou Visone's DVL Properties paid $1.2 million to acquire the 7-acre Wellness Park property at 624 River Road, including a 17,745-square-foot building that is half-occupied by medical office tenants, said commercial real estate agent Vito Picone of McGuire Development, who represented the seller, Dr. Robert J. Reszel II's Wellness Partners 624 LLC of Grand Island.
The Clarence-based developer said it plans to shift the 19-year-old medical building into "an amenity-focused offering for its existing apartment portfolio," but there are no concrete plans.
DVL already owns the contiguous parcel where it is building the 80-unit apartment complex but it needed the extra space and facility to offer more features for its new tenants. The acquisition also provides added frontage and "exceptional waterfront views" for residents, the developer said.
“624 River Road’s remarkable waterfront views compliment DVL Properties, LLC’s multifamily apartment complex, which could benefit added amenities for future tenants,” Picone said.