Lee & Associates NYC has facilitated a $32.3 million sale of 75 West Huron St. in Buffalo, N.Y., on behalf of McGuire Development Company. The 102,000-square-foot, seven-floor building is occupied entirely by The Buffalo School of Culinary Arts & Hospitality Management, a public high school which combines academic education with vocational, career-focused training in culinary arts and hospitality, preparing students for direct entry into the food service industry or further education. The school will remain in the building under the new ownership of Mercer Street Partners.
This transaction was originally sourced by Lee & Associates Boston, which partnered with the Lee & Associates New York City team to win the listing. Dave Carswell and Ben Tapper of Lee & Associates NYC represented the seller, McGuire Development Company. Dave Carswell also assisted the buyer, Mercer Street Partners, in procuring 70% acquisition financing from a local lender. Both offices were instrumental in getting this transaction closed.
“This unique institutional, educational, and historic asset is a great acquisition with a stable and community-enriching tenant,” said Ben Tapper, executive managing director at Lee & Associates NYC. “I want to highlight the outstanding work of Dave Carswell, who navigated the ever-changing capital markets to deliver superior results with a great local lender who shares the belief in the strong caliber of this opportunity.”
Originally built in the late 19th century as a horse livery, 75 West Huron was later used as a multi-story parking garage before being transformed into a school. Despite being an adaptive re-use project, the development team was able to incorporate a full-size basketball gym, large library and modern, specialized amenities including banquet facilities, multiple commercial kitchens and a restaurant, all of which are fully student-operated.
