Ingram Micro’s East Coast headquarters building in Amherst has been sold to the nation’s largest publicly traded real estate investment trust for $24.5 million after its previous institutional owner decided to sell off all of its assets and close. Winthrop Realty Trust of Boston sold the large property to an affiliate of New York City-based American Realty Capital, a fast-growing firm that already owns significant holdings in Western New York through a variety of trusts, according to local real estate sources.
The 14.33-acre property at 1759 Wehrle Drive includes a 200,000-square-foot Class A office building that houses the publicly traded Ingram, which is one of the world’s largest wholesale providers of technology products and supply chain services. The sale comes as California-based Ingram is planning an $11 million expansion of its area operations, adding nearly 250 new employees to the 1,500 it already has in Amherst. The company, which obtained nearly $1 million in sales and mortgage tax breaks last year from the Amherst Industrial Development Agency, renewed its 10-year lease and will also be using about 1.3 acres of adjoining properties for an additional 446 parking spaces after Winthrop bought the four additional parcels in February.
The property sale, which does not affect Ingram, is part of a two-year liquidation process that Winthrop announced in April to unload its entire $869 million portfolio, including 5.3 million square feet of rentable space and 6,204 apartment units. The portfolio also includes $58 million in loans and $103 million in cash. The decision to liquidate came after a strategic review of options.
Founded and led by Nicholas S. Schorsch and William M. Kahane, American Realty Capital has over 3,700 commercial properties in its portfolios with a focus on single-tenant freestanding properties. It bought Phoenix-based Cole Real Estate in February for over $7.15 billion in cash and stock, and then announced plans to spin off almost all of its multi-tenant shopping center business, with 69 plazas and $2.2 billion in assets, into a new real estate investment trust. Early last month, it instead agreed to sell its multitenant portfolio to a joint venture between Blackstone Group and DDR Corp. for $1.975 billion in cash. The company owns 69 properties in New York State, with more than 14 in Western New York, including HealthNow New York’s corporate headquarters.