Bryant & Stratton in $4.85M sale-leaseback

February 2, 2012 Updated Feb 2, 2012 at 8:40 AM EDT

By WKBW News
By Business First by James Fink, Buffalo Business First Reporter

February 2, 2012 Updated Feb 2, 2012 at 8:40 AM EDT

In a deal that had been in the works for the past few years, Bryant & Stratton College has sold its recently opened Amherst campus property back to a local developer.

Bryant & Stratton will remain as the property's sole tenant under a sale-leaseback deal it cut with developer Alan Dewart.

"This was envisioned from the get-go," Dewart said. "This is something we've been working on for a while."

According to documents filed in the Erie County Clerk's office, Dewart's B&S Northtowns Campus Group LLC paid $4.85 million for the Millersport Highway property that houses Bryant & Stratton's recently opened 30,000-square-foot suburban building.

Bryant & Stratton typically leases the buildings where it houses its educational programs.

Locally, the college also leases space in Orchard Park from a partnership whose principals include Dewart.

The $6 million Amherst campus, which neighbors Uniland Development Co.'s Crosspoint Business Park, is expected to serve more than 800 students. The project was aided by a payment-in-lieu-of-taxes (PILOT) program approved by the Amherst Industrial Development Agency two years ago.

The PILOT will be transferred to Dewart's group.

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