Developer Pays $2.48 Million For Building in Amherst, New York

Slightly more than two weeks after shedding a multi-tenant building in its Amherst portfolio, a local development company has turned around and acquired another Amherst building.

So what’s the back story behind Iskalo Development’s latest deal?
In simple terms: An opportunity.

Iskalo, through its Iskalo 500 Creekside LLC affiliate, paid $2.48 million for the former and vacant Mister Snacks building at 500 Creekside Dr., according to June 18 filings in the Erie County Clerk's office.

Mister Snacks, which was sold last year, closed down last year.
The building had been owned by 500 Creekside Drive Inc.

Steve Blake of Blake Commercial Real Estate brokered the deal.

Built in 2000, the 30,000-square-foot building is designed to serve as warehouse, office or, even light manufacturing space.

In the immediate Buffalo Niagara region, there is a dearth of such available space. According to CBRE Upstate New York data, the region has just a 2% vacancy rate on more than 69 million square feet of warehouse/light industrial space.

“Buildings of institutional quality, such as the 500 Creekside building, do not become available often in this market,” said Paul  Iskalo, president and CEO of his self-named Iskalo Development Corp.

David Chiazza, Iskalo vice president, said some minor renovations are underway.
In the meantime, Iskalo has started marketing the building with it already attracting  some “active” interest, Chiazza said.

“We do not ecpect the building to remain on the market for very long,” Chiazza said.
The deal comes after Iskalo sold a 23,558-square-foot building at 8600 Transit Rd., also in Amherst, for $3.235 million to local investors.

The deals were not connected, Chiazza said.