GreyHill Group, a commercial real estate investment company based in New York, has acquired a 401,000-square-foot industrial building at 2632 South Work Street in Falconer, New York for $7.35 million. Falconer is located in Chautauqua County in Western New York on the eastern edge of the city of Jamestown.
The asset is a multi-tenant building with two anchor tenants, Orbis Corporation and Keywell Metals. The property is also occupied by multiple smaller tenants.
“This acquisition is a major milestone for us because it nearly doubles GreyHill’s industrial square footage,” said Moshe Bloorian, GreyHill Group’s managing partner. “The transaction was an off-market acquisition secured through a long-term loan with a local lender. We also acquired the building at a highly desirable $18 per square foot.”
Mr. Bloorian said that the ceiling height throughout the building is more than 20 feet. The tall ceilings present the opportunity to attract a wide range of future tenants, he said.