Multisorb Technologies has sold a trio of industrial warehouse properties on French Road in Cheektowaga to a Canadian computer and technology equipment refurbishing company for $3 million.
West Seneca-based Multisorb, through MTI North Campus LLC, sold the properties at 10-20, 30 and 50 French to three corporations controlled by Rohit Gera and Bony Singh, the owner and founder, respectively, of CNB Computers Inc. in Mississauga, Ont. The purchase price was slightly more than the list price of $2.935 million.
The sale includes a four-acre lot at 10-20 French, with a 31,000-square-foot single-story warehouse constructed in 1965, with two loading docks and 16-foot ceilings; a 22,512-square-foot warehouse on 0.64 acres at 30 French, built in 1969 with 20-foot ceilings; and a 20,000-square-foot warehouse on 1.2 acres at 50 French, constructed in 1969, with two loading docks, a grade-level door and 14-foot ceilings.
However, Multisorb signed a long-term lease to remain at 30 French. Meanwhile, Gera and Singh plan to use the building at 50 French for their business, but will seek tenants for 10-20 French, said Howard Saperston of Saperston Real Estate, who handled the transaction along with Joseph Leber, also of Saperston.
Multisorb, which makes drying agents and other products that extend the shelf life of consumer goods, was founded in 1961 by John S. Cullen, and expanded into a global firm. The company employs more than 450 at five facilities in the United States and India. It was acquired in October 2014 by private equity firm Summer Street Capital Partners and two senior managers. More recently, it was sold to Filtration Group Corp., a subsidiary of Chicago-based Mason Industries, which also owns Air System Products and recently sold Buffalo Filter.
Multisorb had invested more than $2.5 million in the French Road complex in 2012 to double its research and development capacity, but was primarily using only the 30 French facility. One of the other buildings was used as a warehouse, while the third was mostly vacant, Saperston said, so Filtration Group decided to put all three up for sale. The company's main operation remains on Harlem Road in West Seneca.
Founded in 2003 by Singh, CNB is an authorized Microsoft refurbisher and a reseller for Lenovo computers. The company takes off-lease notebook and desktop computers, screens and other equipment from HP, Lenovo and Dell, and restores them into high-quality equipment that it resells in the educational, health care, corporate, government and nonprofit sectors.
CNB employs over 120 in suburban Toronto, Quebec and New Jersey, with an 80,000-square-foot facility near Toronto's Pearson International Airport that is already at capacity, company officials have said. It ships over 28,000 products per month and generates more than $43 million in annual sales, with a $7 million inventory.