A significant building complex is up for grabs. Back in 2015 I posted that the historic Chase Bag Complex was up for sale for $950,000. The three interconnected buildings that make up the complex had been renovated by the Buffalo Economic Renaissance Corporation (BERC – prior to dissolution) in 1991.
It turns out that Acquest Companies picked up the complex from the City of Buffalo, as part of an even larger real estate portfolio a little over a year ago. At the time, Acquest was not interested in the former Chase Bag Complex, because the company is not in the renovation business. Their main interest, when purchasing the portfolio, was a couple of partially occupied buildings located down the street on RiverRock Drive. “Our business focus was on purchasing the functioning RiverRock Drive buildings, and filling them up to 100% occupancy, which we have since done,” said Tim Weber of Acquest. “Now we are letting the Chase Bag buildings go, because we’re not developers, and we want to deliver the complex into the hands of someone that is in the development business, and can access state and federal funding.”
According to Weber, the 91,484 square foot building(s), located at 155-175 Rano Street, is in very good shape thanks to the renovation work conducted by the BERC in the 90s. Weber feels that this development opportunity is akin to Rocco Termini’s Chandler Street project, which is rising up like a phoenix. In fact, Rano Street is just around the corner from Chandler Street. The biggest difference between the two conglomeration of buildings is that the ones on Chandler Street were in super rough shape when Termini acquired them, whereas the Rano Street buildings were fully occupied as recently as five years ago.
Unfortunately, the BERC’s plan to build out the Chase Bag Complex as an incubator space never became a reality, but the effort did result in preserving the building(s) for a future use. Plus, the environmentals have been taken care of, and we’re looking at a vanilla box, for the most part. Much of the building(s) is ADA complaint (access) and up to code. Now it’s time to get the complex back in working order.
“We want to get the property into the hands of someone that can do something great with it,” Weber told me. “A former BERC employee who worked on the project is now with us at Acquest. This person is amenable to touring around prospective buyers who are interested in learning more about the opportunity at hand.”
155-175 Rano Street is on the market for $550K. There are approximately 50 parking spots.
Get connected: Tim Weber – (716) 344-7462 | Click here for building specs | 155-175 Rano Street, Black Rock