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Smith Street industrial property in Rochester sells for $4.4M
Smith Street Partners LLC has bought the RES Exhibit Services facility on Smith Street in Rochester. (Photo by Kevin Oklobzija)
Smith Street Partners LLC has bought the RES Exhibit Services facility on Smith Street in Rochester. (Photo by Kevin Oklobzija)
Smith Street industrial property in Rochester sells for $4.4M
RES Exhibit Services has sold its Smith Street manufacturing facility to an entity controlled by Caliber Commercial Brokerage.
Smith Street Partners LLC paid $4.4 million for the property at 435 Smith St. Built in 1997, the facility sits on just over four acres in the city of Rochester and features 64,000 square feet of industrial/warehouse space.
The deal closed on Friday, according to documents filed with the Monroe County Clerk’s Office, and Caliber has property listed for lease on its website. Industrial space for manufacturing or warehouse needs has been one of the strongest sectors in commercial real estate in Greater Rochester, with vacancy rates around 2 to 4 percent.
RES Exhibit Services completed the transaction ahead of an upcoming move to Canal Ponds in Greece. The company will be occupying the former Gannett printing facility at 301 Longleaf Blvd. RES bought the facility from Gannett Co. Inc. in July for $5.196 million.
The transition to a new facility was prompted by continued growth, and the 151,000-square-foot building in Canal Ponds will accommodate current needs and future expansion, RES officials told the County of Monroe Industrial Development Agency (COMIDA) in November.
RES received $139,000 in sales tax and mortgage recording tax exemptions from COMIDA for its $2.4 million renovation project of the former newspaper printing plant.
Founded in 1995, RES creates trade show exhibits and brand environments. The firm has approximately 60 employees and annual revenues between $20 million and $40 million, according to documents filed with COMIDA.
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