Chili, NY Rochester’s Cornerstone Group-RICC, LLC has sold a 9.6 acre parcel to Trade Court Associates, LLC.
The sale price was $444,000. The building shall be occupied by Kamco Supply Corp., a Connecticut-based company with operations in upstate. Kamco is a building supply distributor which currently has an operation on the west side of Monroe County. This shall be an expansion and upgrade of their current location.
The building is being developed on the corner of Paul Rd. and Trade Court, lot 201, at the Rochester International Commerce Center. The 35,000 s/f building will be completed in mid-2018.
The business park is located on the western side of the Greater Rochester International Airport.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,