Nearly $30 million worth of commercial real estate transactions closed within the last two months in Erie County, ranging from restaurants and oil-change shops, to medical office and manufacturing buildings, to apartments, nursing homes and even vacant land for future housing.
The $28.5 million in deals stretched from Buffalo, Kenmore, Tonawanda and Amherst in the north, to Lancaster, Depew and Cheektowaga to the east, and as far south as West Seneca, Orchard Park and even Evans.
- In the most recent example just over a week ago, two family trusts for the Scott and Ross families bought a 4,280-square-foot Burger King restaurant at 11 Delaware St. in the City of Tonawanda from the Leopold & Gloria Lopez Living Trust, for $1.4 million. The restaurant, built in 1986, sits on 1.63 acres. Both the buyers and seller are based in San Diego.
- More than a month earlier, another San Diego investor, Realty Income Corp., paid $1.858 million to acquire a 3,174-square-foot Burger King at 1140 Niagara Falls Blvd. in the Town of Tonawanda from Bob Simon, through 2105 Florida LLC of Hacienda Heights, Calif. Built in 2002, it sits on 1.32 acres. Realty Income, a publicly traded real estate investment firm, owns 2,600 properties in 49 states, and has been actively buying up properties in Western New York in recent years.
- Andrew Siedlecki of Lewiston, through Trinity Legacy Properties, paid $1.1 million in early April to buy the former Zebb's Deluxe Bar & Grill at 3349 Southwestern Blvd. in Orchard Park from Morning Star Restaurants of Webster, N.Y. The 7,297-square-foot restaurant building, constructed in 2000, sits on two acres.
- Essential Properties of Princeton, N.J. – through SCF RC Funding III LLC – sold two Valvoline Instant Oil Change locations at 3251 Harlem Road in Cheektowaga and 3480 Delaware Ave. in the Town of Tonawanda to three companies controlled by J&B Building Co. of Greenwood Village, Colo. The purchase prices were $1.15 million and $1.1 million, respectively.
- In a pair of deals totaling $5.25 million between local investors, Wayne Eisenbaum's Iron Management Inc. sold apartment buildings in Buffalo, Kenmore and the Town of Tonawanda to Puneet and Divya Tandon of Buffalo, through SJI Kenton, Kenton Colvin and Colvin DHW limited-liability companies. Eisenbaum acted through his DHW Apartments and Colvin Apartments companies. The two deals included the 16-unit Delaware Road Apartments at 260 Delaware Road, the 18-unit Highland Parkway Apartments at 286 Highland Ave. and the 20-unit Winchester Place Apartments, at 25 and 33 Winchester Place – all in Tonawanda – as well as 566, 572 and 582 Colvin Ave. in Buffalo. All told, the buildings contain 82 apartments.
- Also on the residential scene, Elderwood completed its purchase of two Amherst senior-care facilities as part of a larger deal between its New York City-based parent, Post-Acute Partners, and Brookdale Senior Living of Brentwood, Tenn. Elderwood added the former Brookdale Bassett Road facility at 245 Bassett Road – now called Elderwood Village at Bassett Park – and Brookdale Bassett Park at 111 St. Gregory Court, now called Elderwood Village at St. Gregory Court. Elderwood paid $3.6 million for Bassett Park, which was built in 1999 and can accommodate 105 residents, and $2 million for St. Gregory, which was built in 1993 and can handle 80.
- Votorantim Cimentos North America – which bought United Materials, a supplier of ready-mix concrete, aggregates and building materials – closed on its purchase of four United facilities in Lancaster, Depew, the City of Tonawanda and Orchard Park. VCNA paid $1.16 million for 561 Peppermint Road, $1.04 million for 3360 Walden Ave., $378,375 for 528 Young St. and $343,060 for 100 Bank St., respectively.
- Two medical office facilities also changed hands. A group that includes Dr. Michael K. Landi, a neurosurgeon and director of Invision Health's Brain & Spine Center on International Drive in Amherst, sold the Derby Professional Park to the doctors of Lakeshore Family Medicine Associates, including Dr. Tariq Sheikh, for $2.405 million. The facility also has a satellite location for Buffalo Medical Group.
- Sonwil Distribution Center and its affiliated business units are relocating their headquarters from the Jamison Business Park in Cheektowaga to a former medical office building in West Seneca it purchased from American National Life Insurance Co. of New York. The privately owned logistics company, through 2732 Transit Road LLC, bought the former Palladian Health facility at that address, paying $1.875 million for the 39,510-square-foot, two-story building that was constructed in 2006 on 5.29 acres.
- Finally, two parcels of vacant land in Lancaster were sold for new development. Marrano/Marc Equity Corp., parent of Marrano Homes, bought 9.03 acres of land from Bryan Young's Young Development on Broadway for $2.61 million, while Frank Downing, through Towne RE6 LLC, paid $1.25 million for vacant land on Transit Road, buying it from Acea M. Mosey's JDLA LLC.