Cheektowaga, N.Y. Why would a California real estate group pay more than double what a Cheektowaga warehouse sold for just a year ago? The answer tells us a lot about how out-of-town investors see the Buffalo-Niagara market. Simply put: they love real estate here.
The warehouse, located on Broadway, was bought in mid-2024 by Amherst-based Iskalo Development Co. for $1.75 million. Spanning 24,000 square feet, the building was vacant at the time, but Iskalo quickly renovated it and secured Reimer, an HVAC specialist, as its sole tenant. Reimer remains in the building under a long-term lease.
That’s when a California group, Torrence-based Tuffi Co., took notice. In a bold move, they purchased the property for $3.64 million—a staggering 108% increase over last year’s sale. This marks Tuffi’s first investment in the Buffalo-Niagara region.
This isn’t an isolated incident. Out-of-town investors are increasingly eyeing mid-sized markets like Buffalo.
“The bigger markets are just too expensive,” said Robert Schell, president of Pyramid Brokerage Co. of Buffalo. “Middle markets offer more deals and opportunities.”
Schell also notes that lower interest rates are fueling these transactions.
“Cash is king,” he said. “With rates down, there’s a lot of money coming off the sidelines and ready to invest.”
For Buffalo’s commercial real estate scene, this deal is more than just a sale—it’s a clear sign that middle-market properties are on the radar of national investors, and the local market is suddenly very appealing.
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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