Newmark Ciminelli brokers $30.5m Royal Oak Realty Trust acquisition of 278,294 s/f portfolio

Buffalo, NY Newmark Ciminelli’s brokerage services team completed a sale transaction involving the acquisition of J.W.D. Group’s (JW Danforth) six-building portfolio by Rochester-based Royal Oak Realty Trust. The portfolio, totaling 278,294 s/f, consists of manufacturing, warehousing, and office facilities located in the Buffalo, Rochester, and Albany metropolitan statistical areas (MSAs).

In the sale/lease back arrangement, JW Danforth also signed a 20-year master absolute net lease for the properties at closing. The $30.5 million transaction was brokered by Kyle Ciminelli, executive managing director of Newmark Ciminelli, with the support of Ryan Zebro, vice president of Ciminelli Real Estate Corp.’s investments team.

The properties include:

200 Colvin Woods, Buffalo, a 20,418 s/f single story masonry office and warehouse facility.

300 Colvin Woods, Buffalo, a 62,994 s/f manufacturing and office facility.

480 Fillmore Ave., Buffalo, a 62,183 s/f masonry and steel frame office and manufacturing facility.

900 Old Dutch Rd., Rochester, a 17,558 s/f single-story masonry office and clean room manufacturing facility.

930 Old Dutch R., Rochester, a 27,660 s/f single-story masonry office, manufacturing, and warehouse facility.

5 Liebich Ln., Albany, a 87,481 s/f industrial building on 7.31 acres.

The two Dutch Rd. properties also included an adjacent 16.8-acre land parcel.

Ciminelli said, “Our corporate relationships with both JW Danforth and Royal Oak Realty were critical to the success of this transaction and helped our team make a quick connection and fulfil the objectives of all involved. These types of transactions are commonly used to supply a company with growth capital and alleviate the onus of ownership to their real estate holdings.”

JW Danforth CEO, Robert Beck said, “This real estate transaction provides growth capital for JW Danforth at an exciting time in our company’s history.  Monetizing our real estate was an important milestone in support of our long-term planning.”