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$10 Million Ask for Med Campus Properties

The Osmose properties on the north end of the Medical Campus are for sale with a $10 million asking price.  The Buffalo Niagara Medical Campus, Inc. (BNMC) is trying to capitalize on a hot real estate market by putting the four properties totaling 2.14 acres up for grabs.  The sale includes six buildings with 118,000 sq.ft. of space and 200 parking spaces.

From the listing:

Buildings include a biomedical office building with labs, light industrial manufacturing/warehouse, and a stand-alone three-story structure that has plans for a 21-unit apartment for upside. Property has additional upside with an undeveloped parcel that is a great location and size for a QSR/Drive-thru restaurant or bank/lending institution.

Located in an Opportunity Zone, the available properties are at the intersection of Main and Best in downtown Buffalo, an area undergoing extensive redevelopment and growth over the past three years. The Grid, a brand new five-story, 217-unit apartment building is at the intersection of Main St and Dodge St. 1091 Main Street (450 ft south of properties) is a 167,000 sq.ft., six-story mixed use building done by Ellicott Development. The site is also located directly next to a NFTA light-rail stop.

Less than half a mile from the available properties is the Buffalo Medical Center Campus (Gates Vascular Institute, Conventus Medical Office Building, Roswell Park Hospital, Buffalo General Hospital, Women and Children’s Hospital, and University of Buffalo Jacobs School of Medicine) which includes 8.5 million sq.ft. of hospitals/medical/research/educational facilities which includes two million sq.ft. that were built in the past four years. The area employs over 17,000 people and they serve 1.5+ million patients annually. The Buffalo Medical Center Campus is most famously known for the Roswell Park Cancer Institute. The Medical Campus is underserved in terms of adjacent retail and restaurants.

BNMC purchased the properties in 2016 for $3.75 million primarily to provide expansion space for medical campus tenants but also for the parking and potential for future redevelopment.  In 2017, BNMC received approval to demolish an historic portion of the complex that fronted Ellicott Street.

Get Connected: Donovan Real Estate Services, 716.998.2943

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