Amherst developer Michael Huntress has purchased a Union Road Plaza in Cheektowaga for $3.325 million, two years after a Wall Street investment firm spent more than $11 million for it.
Huntress’ Acquest Holdings acquired the 11.37-acre plaza from BRE-DDR Union Road Plaza LLC, a joint venture of New York City-based Blackstone Group and Cleveland-based real estate investment trust DDR. Blackstone owns 95 percent of the venture, while DDR owns 5 percent.
Blackstone itself had acquired the plaza at 3601-3637 Union Road just two years ago for $11.1 million from a separate joint venture between DDR, Israeli firm Elbit Imaging Ltd. and Eastgate Property LLC.
Australian financial services giant Macquarie Bank was originally part of that joint venture until it transferred its share to Elbit and Eastgate.
The plaza was originally part of Benderson Development Co.’s holdings but was sold to DDR in 2004 as part of a larger package of more than 110 properties for $2.3 billion.
DDR then turned around and sold many of the retail plazas to other firms or joint ventures, or even back to Benderson, when the firm struggled to raise cash during the financial downturn and recession.
Built in 1960 and located at Zoerb Avenue, the neighborhood plaza has been mostly vacant.
Recent tenants have included Ted’s Hot Dogs, Extreme Sun Capsule, Giani Financial, Simply Fit of WNY and Evans Law Associates.
Michael Huntress is the son of Acquest founder and former president William Huntress. He did not respond to a request to comment.