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Pending Deal: Pegula Buying Cobblestone Building

A Cobblestone District building long-coveted by developers is getting a new owner. Pegula Sports and Entertainment has the Hi-Temp Fabrication building at the corner of Perry and Illinois Street under contract. The five-story building sits directly adjacent to First Niagara Center. The pending deal has been whispered about in downtown circles for several weeks and is seen as another step in Pegula’s bigger plans for the neighborhood.

Current owner John McKendry is currently looking for a new home for his Hi-Temp Fabrication business and co-tenant Peerless Inc.

McKendry has been approached about selling in the past but reportedly has sought $10 million for the four-story building, an indication he was not ready to sell. The Pegula deal’s price tag has not been disclosed but sources say it will be “north of $4 million” and was prompted by a recent offer by a competing development team.

The Pegulas have not announced plans for the building but expect a mixed-use future. Sources say the Sabres have been wanting to move the team’s offices out of the arena to provide more room for suite and club level guests.

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Written by Buffalo Rising

Buffalo Rising

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