Realtor Buys Up Area Properties

January 3, 2013 Updated Jan 3, 2013 at 8:19 AM EDT

By WKBW News
By Business First by James Fink

...
January 3, 2013 Updated Jan 3, 2013 at 8:19 AM EDT

Sinatra & Co. Real Estate has added to its growing portfolio by acquiring five area buildings including a pair of apartment complexes in Lockport and the City of Tonawanda.

Combined the five deals represent a $4.9 million investment by the company.

"They are pretty healthy additions," said Nick Sinatra, Sinatra & Co. founder and namesake. "They are all nice cash-flow plays for us."

The purchases include:

• A 24-unit apartment complex at 296 Main St. in the City of Tonawanda from local investment group 296 Main Group LLC. Sinatra paid $874,000 for the property.

• A 30-unit apartment complex at 560 S. Transit Road in Lockport, also from the same group. The apartments, under 6367 Robinson Road LLC, sold for $1.311 million.

"In both cases, the apartments are more than 90 percent leased," Sinatra said. "They are good, cash-flowing properties."

The apartments are in good shape, but Sinatra said as vacancies occur, units will be renovated.

• In the first of three separate transactions with Column Development, Sinatra bought properties at 6699 Transit Rd., 3461 Transit Rd. and 2045 Niagara Falls Blvd. Enterprise Rent-a-Car leases the two Transit Road sites while the Niagara Falls Boulevard location is leased to a Sherwin Williams paint store and Oh-My-Dog grooming salon.

Other deals with Column Development include buying a store front at 594 Sheridan Dr. in the Town of Tonawanda that is leased to Alpha Flooring and a building at 1487 Main St. in Buffalo that's leased to Child & Adolescent Treatment Services. The Main Street property is almost across from Sinatra's Fenton Village building that he is renovating.

Collectively, Sinatra paid $2.75 million for the properties.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.