Penske Truck Leasing Co. L.P. has found a new home for its consolidated local operations.
Penske has purchased an eight-acre parcel along Broadway in Cheektowaga from Iskalo Properties I LLC, an affiliate of Iskalo Development Corp. According to documents filed in the Erie County Clerk's office, Penske paid $973,000 for the property.
Penske plans on moving its operations along Woodward Avenue in the Town of Tonawanda and Milestrip Road in Hamburg to the new location. Both sites will be put up for sale.
Penske should be in its new building next year.
Paul Iskalo said his company bought the Broadway property years ago with the intent of developing it.
"We realized it was not an ideal fit with our current focus on adaptive reuse and redevelopment and revitalization of established neighborhoods," Iskalo said. "The sale will allow us to redeploy this capital for other development initiatives."
Dan O'Boyle, Penske senior vice president of its North Central Region, said the new, consolidated location works better for his firm.
"This new facility will help us meet with the increasing demand for truck leasing, rental and maintenance services within the region, especially as the economy and freight sector begins to rebound," O'Boyle said.
The deal was brokered by Steve Blake and Lida Eberz from CB Richard Ellis Buffalo.