What's Happening?
Northmarq's Los Angeles Commercial Investment Sales team, led by Joel Cukier, has successfully arranged the sale of an industrial property located at 2575 Broadway in Cheektowaga, New York, for $3.64 million.
The buyer, a family office from Orange County, California, acquired the property, which is a single-tenant, triple net lease facility. Built in 1998 and renovated in 2024, the facility spans 24,400 square feet and is situated on two acres. It is currently leased to Reimer Heating, Cooling & Plumbing. The property is strategically located near Interstate 90 and major thoroughfares, approximately five miles from downtown Buffalo. The sale attracted more than 10 qualified offers, highlighting the strong demand for well-located industrial assets.
Why It's Important?
The sale of the Buffalo-area industrial facility underscores the robust demand for single-tenant, triple-net industrial properties in the U.S. real estate market. Such transactions are indicative of investor confidence in industrial assets, particularly those with strong real estate fundamentals and strategic locations. This trend is significant for the commercial real estate sector, as it reflects a continued interest in industrial properties, which are often seen as stable investments due to their long-term leases and reliable income streams. The successful sale also highlights Northmarq's ability to connect clients with lucrative investment opportunities, reinforcing its position as a key player in the commercial real estate market.
What's Next?
The successful transaction may encourage further investment in similar industrial properties, particularly in regions with strong economic fundamentals and strategic locations. Investors may continue to pursue single-tenant, triple-net lease facilities, given their potential for stable returns. Northmarq is likely to leverage this success to facilitate more transactions in the industrial real estate sector, potentially expanding its portfolio and client base. The demand for such properties could lead to increased competition among investors, driving up property values and influencing market dynamics.
