Is Buffalo Running Out Of Space? Self-Storage Boom
A North Buffalo self-storage center has been sold for more than 73% more than it went for just one year ago.
The increased sale spike serves as a snapshot of the region’s dearth of warehouse, self-storage, and light manufacturing space and the strong interest that remains in such investment properties.
Case in point:
The sale that was recorded on Oct. 29 in the Erie County Clerk's Office saw the 11,000-square-foot self-storage center at 550-562 Colvin Avenue that was acquired by investors 550 Colvin LLC, who paid $1.3 million for the complex.
Investors at 564 Colvin Avenue Inc., who bought the self-storage center in November 2023, paid $750,000 for the property.
That falls into line with a Buffalo Niagara regional study by CBRE Upstate NY that found the area has just a 2% vacancy rate on nearly 69 million square feet of warehouse/logistics space, and investors are paying top dollar for the properties because of the limited inventory.
The self-storage center was constructed in 2013.
In a separate deal:
- Downstate investors Realty Income Properties 20 LLC paid $1,134,071 for a property at 3251 Harlem Road, Cheektowaga, that is anchored by a Valvoline Instant Oil Change outlet.
- The property had been owned by R. Cheektowaga LLC.
- Valvoline remains as the tenant.
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