Thursday, 6 August 2015

Ciminelli to acquire Garrett Leather's Niagara Street headquarters

Ciminelli Real Estate Corp. has emerged as the likely buyer for the Garrett Leather Corp. headquarters, a key anchor to the fast-emerging Niagara Street district.
Dennis Penman, Ciminelli executive vice president, confirmed the Amherst-based development company has the 70,000-square-foot building at 1306 Niagara St. under contract.
Terms were not disclosed, but sources said the sale price is expected to be well north of the $1.1 million asking price.
Preliminary plans call for Ciminelli to convert the longtime four-story manufacturing center into a residential-based development, anchored with between 45 and 50 market rate apartments. A commercial or retail component will likely be added into the project.
“Our goal is to have it as a mixed-use project, but residential will be the main component,” Penman said.
The closing won’t happen until Garrett Leather finds a new home for its headquarters and manufacturing center.
Garrett has been working with Sam Gurney, Gurney Becker & Bourne president, to find a suitable location for its operations. Sites in both Buffalo and the suburbs are being considered.
Gurney brokered the Ciminelli/Garrett deal.
Garrett Leather President Cameron Brown said this spring he wants a single-story building that will offer more efficiencies for his company instead of spreading his leather-making operations over four floors, as is the case with his current facility.
Gurney brokGurney brokered the Ciminelli/Garrett deal. Garrett Leather President Cameron Brown said this spring he wants a single-story building that will offer more efficiencies for his company instead of spreading his leather-making operations over four floors, as is the case with his current facility.Gurney brokGurney brokered the Ciminelli/Garrett deal. Garrett Leather President Cameron Brown said this spring he wants a single-story building that will offer more efficiencies for his company instead of spreading his leather-making operations over four floors, as is the case with his current facility.
 the Ciminelli/Garrett deal. Garrett Leather President Cameron Brown said this spring he wants a single-story building that will offer more efficiencies for his company instead of spreading his leather-making operations over four floors, as is the case with his current facility.


 
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