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NAI Pyramid Brokerage Company/Buffalo brokers $13.2 million sale of Inducon Business Park
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Added: 05/12/2004
Type: Summary
Viewed: 840 time(s)
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NAI Pyramid Brokerage Company/Buffalo brokers $13.2 million sale of Inducon Business Park to
NAI Pyramid Brokerage Company/Buffalo was the sole broker for the $13,200,000 sale of the Inducon Business Park, situated in Amherst, New York, to Acquest Development. Acquest purchased the 300,000 sq. ft. flex park from Realmark Development Group. Located in close proximity to Buffalo Niagara International Airport and visible from Interstate 90, the park contains multiple flex and office buildings. Acquest has already received significant interest from prospective tenants to lease space at the Inducon property. The sale also included a 70,000 sq. ft. office building located in Nashville, Tennessee. William Huntress, Acquest President, said that the Inducon purchase provides Acquest a great opportunity to solicit tenants seeking competitively priced class B+ space. Huntress further stated that Inducon could serve as an incubator for current and future tenants to mature and grow within the Acquest property portfolio. Acquest already owns a 25-acre development site nearby which will accommodate new class A office development.
Richard J. Schechter and Arthur H. Judelsohn formed the NAI Pyramid team, which negotiated the complex transaction that took more than two years to finalize and involved the sale of properties in two states. The transaction involved cross-collateralized financing and one section of refinancing. Schechter was formerly General Counsel and Broker Associate with Berlow Real Estate, Inc. and Judelsohn was formerly President of Berlow Real Estate, Inc. Recently, Berlow merged with NAI Pyramid/Buffalo, thereby forming the largest commercial real estate brokerage firm in Buffalo as well as continuing NAI Pyramid's dominance as Upstate New York's largest commercial real estate services firm. Pyramid has offices in Albany, Binghamton, Buffalo, Corning, Ithaca, Rochester, Syracuse, Utica and Watertown. |
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