Lockport Union-Sun & Journal — Ulrich City Centre, which transformed downtown when it opened in 2006, has been sold by developer David Ulrich to a Tonawanda-based company.
Sinatra & Company Real Estate, through a partnership with Matt Connors called Lockport Retail Group, purchased the Ulrich City Centre property from Ulrich through his Ulrich City Centre LLC for $3.575M. The deal was announced Monday morning.
The 35,000 square feet of commercial real estate are located at 80 Main St. and 175 Walnut St.
“Its one of the best properties in Niagara County,” says Sinatra and Company founder and President Nick Sinatra. “David [Ulrich] built a world-class property right here in Lockport. It’s the premier Class-A office and retail space in eastern Niagara County.”
Conners, a project manager at Sinatra and Company, said City Centre's high occupancy and strong tenant base made it an attractive property.
“We are all very excited about the growth of our company into the Niagara County marketplace," Conners added.
Ulrich expressed pride in his company's contributions to Lockport and said he was pleased to find a buyer that respects the historical significance of Ulrich City Centre.
"A hundred years from today City Centre will still form the foundation of Lockport’s downtown, and since it was built others have come forth to help in our citys’ revitalization," said Ulrich. "It was our signature development and it was important to us to find first class buyers who respect and have commitment to our community.” said Ulrich.
Ulrich transformed a vacant block of property in the heart of downtown and turned it into the City Centre, a $3 million project, which was still under construction when its first tenant opened its doors in Nov. 2005.
Current tenants include Hunt Real Estate, Senator George Maziarz, Lock 34 Restaurant, Empire College, JM Design, Hospice, Kitchen Concepts, Blue Door Salon, Accountant Scott Cain, and various doctors.
In 2009, Nick Sinatra founded Sinatra & Company Real Estate to invest in distressed real estate in Western New York and Southern California.