BUFFALO, N.Y. (WBEN)......Uniland Development has added to its local commercial real estate portfolio by acquiring a sprawling Buffalo warehouse and distribution center..
Uniland paid $19.4 million for the 205,000-square-foot complex at 500 Bailey Avenue, buying it from Buffalo Bailey LLC.
The building was best known as the longtime home of Robinson Home Products.
Uniland plans to market the complex, which sits on 7 acres of land is located just off of the 1-190's Bailey Avenue exit.
"The acquisition of 500 Bailey aligns well with Uniland's long-term strategy of owning and operating higgh-quality industrial assets in strong, established locations," said Michael Montante, Uniland CEO, in a prepared statement.
Montante said the building "complements our existing portfolio."
The deal also comes at a time when the region still has a dearth and limited supply of large-scale warehouse and distribution space.
According to a CBRE Upstate report, the region has a slightly more than 2% vacancy rate on more than 68 million square feet of prime warehouse and distribution space.
Uniland Development buys Bailey Avenue warehouse
Uniland Development buys Bailey Avenue warehouse
