The Buffalo News : Business Today

Monday, March 12, 2007

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Isle complex sells for $3 million

Updated: 03/09/07 6:51 AM

 The Harbor Towne Complex on Grand Island, a mixture of office space and self-storage units, has been sold for $3 million.

Federal Storage of Western New York, which had owned the Baseline Road property since it opened in 1996, sold it to local investors who formed Harbor Towne LLC, said Craig Klausen of Hunt Commercial Real Estate, who represented the seller.

The owner decided the time was right to part with the property, Klausen said.

The complex is an unusual combination of four buildings, including three office buildings, consisting of 38,400 square feet, and a total of 248 self-storage units, more than 90 percent of which are occupied. Tenants in the office space include Saint Gobain and Invitrogen Corp.

David Doerr, also of Hunt Commercial Real Estate, who represented the buyers, said the new owners saw the property as a good investment opportunity.

“Their main intent is to keep it up and keep it leased,” Doerr said.

The deal was completed this week. When it was marketed, the property had an asking price of $3.6 million.

The property also has space available for additional buildings.

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