Holiday Inn Sale and More

Holiday Inn Rochester

Acting on behalf of the seller, Kevin Valente and Stephen Saleski were responsible for the $3.6 million sale of the Rochester Downtown Holiday Inn, located at 70 State Street. The seven story building is a 250,712 s/f full service hotel with 217 rooms, two restaurants and 15,000 s/f of meeting space overlooking the beautiful Genesee River in downtown Rochester.

Bart Feinberg handled two leases at 99 Harris St. in Fulton. After Hour Trades signed a two-year lease of 40,000 s/f and Syracuse Pallets signed a five-year lease of 12,000 s/f. Feinberg also acted on behalf of the landlord, International Bakery.

The Upper New York Annual Conference of the United Methodist Church sold its 11,522 s/f property at 3027 James St. in Syracuse to Liberty Christian Worship Center. Kristen Nave and Karen Cannata-LaRocca represented both the buyer and seller.

Kristen Nave represented Nave Law Firm in a long-term lease of 6,500 s/f at 231 Walton St. in Downtown Syracuse. Nave Law Firm decided to relocate due to the need of addition space.

Kristen Nave, Matt Buroni, and Karen Cannata-LaRocca also closed the restaurant lease of popular San Miguel Mexican Bar & Grill. The 4,820 s/f eatery sits on the Seneca River at 2 Oswego St. in Baldwinsville.

 

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New Downtown Restaurant

Creekwalk Commons

A new restaurant will be joining Creekwalk Commons this Winter. Kristen Nave and Karen Cannata-LaRocca represented the landlord in the lease of a 2,670 s/f restaurant space at 324 West Water Street. in Downtown Syracuse. Ken Tyminski represented the tenant, Gaudalajara Mexican Restaurant. The restaurant joins the mixed-use building with Café-Kubal and Talking Cursive Brewing Co., as well as 75 apartments. The restaurant is set to open in March 2021.

Crown City Hospitality, LLC and 470 Parkway Realty, LLC purchased Ramada Inn and Red Roof Inn, in Cortland. Kevin Valente, Stephen Saleski implemented the help of Ten-X Commercial and acted on behalf of the seller.

To learn more about how our team utilized Ten-X, visit our article here.

 

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The Sutton Report: February

Richard Robb headshot

For the month of February, we sat down with real estate salesperson Richard Robb to learn about his work in the industry and to discuss the CRE market.

 

SUTTON: What sector of CRE do you mainly focus on?

RR: I’m a generalist by nature so my practice is to get involved in all niches of commercial real estate including raw land. My interest grew from working many years in public land use – planning and developing – at the village, town and county-level.

SUTTON: What change has been most difficult for you as a result of the COVID-19 pandemic?

RR: As we all know, activity slumped in early 2020 due to the pandemic. But people slowly acclimated to a new normal with continuous recovery now evident (although several real estate sectors have lagged such as office and some retail subsectors). By way of contrast, warehouse, industrial and flex space demand has dramatically increased.

Entering the 2nd year of COVID, I find that prevention is the watchword for all activity. Our team (along with the rest of the CRE world) had a learning curve surrounding Covid rules and regulations. We had to learn on the go… “What Covid assessments and disclaimer forms should we use and where do we get these? Should we travel solo? How can we socially distance during inspections? Do we have to be masked during all in-person discussions?” It was a lot to get used to!

SUTTON: What is one goal of yours for 2021 here at Sutton?

RR: My simple goal for 2021 is to show clients and customers through healthy practices that they can buy, sell or lease property without fear or harm. I have become a more hygienic person, especially when it comes to interacting with clients.

SUTTON: How is Sutton encouraging teamwork?

RR: Sutton Real Estate is a small, full-service real estate company that invites and reinforces cooperation among all staff and departments. From professional development opportunities to training and safe social activities, Sutton practices an “open door” management style that challenges and supports everyone.

New Hire for Sutton 2021

Sutton New Hire

Sutton Real Estate Company is proud to announce a recent hire at its company.

Kelly Honors joins Sutton Real Estate as the new Receptionist. Her role is greeting and welcoming guests and providing them with a positive first impression of the organization. Her role also includes writing maintenance requests, managing property signage and mailing. Kelly has the experience from her previous customer service jobs in the Syracuse area.

 

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The Sutton Report: January

Sutton is kicking off 2021 with a new blog series. In an effort to get to know our internal sales team, we are sitting down to discuss business and market conditions. First up is Real Estate Associate Broker Stephen Saleski

SUTTON: What change has been most difficult for you as a result of the COVID-19 pandemic?

 

SS: The biggest challenge that I’ve personally encountered with the COVID-19 pandemic has been compliance with the ever changing rules for showings and the paperwork to be completed and maintained. People continue to want to do business, so I’ve tried to do it in a safe and conforming manner. NYSAR was a good source of information and updates, and continues to be helpful in maintaining compliant practices.

 

SUTTON: How is Sutton encouraging teamwork?

 

SS: Sutton’s culture is one of unity and collaboration. I’ve been treated like family since I started and that is a consistent sentiment that I’ve heard from people throughout our organization. There has been constant communication from management throughout this pandemic. They’ve demonstrated constant care and concern for employees, tenants and clients, providing financial and technological resources to help us weather this storm. Our team has remained positive, motivated and dedicated to help us succeed and I’m proud and happy to be a part of it.

 

SUTTON: What areas of your work are still strong?

 

SS: The industrial sector has remained the strongest, as demand for warehouse space continues. Land acquisition and development activity hasn’t diminished as I thought it might. Not surprisingly though, a slowdown in office and retail activity has been apparent. I’m part of a team at Sutton that has been active in the hospitality sector. We’ve seen significant investment activity in hotel properties, in anticipation of a significant recovery down the road. I’ve only had one deal that was a casualty of the pandemic. The rest have progressed slowly but steadily. We have closed two hotel deals recently and another is scheduled to close soon.

SUTTON: How do you expect the market to look six months from now?

 

SS: I’m hopeful the vaccines will inspire confidence to open back up the economy and people’s desire to resume normal activities will keep us on the path of robust growth.

 

SUTTON: Are there any changes you’ve made that you personally hope will continue?

 

SS: I’ve dedicated more time to personal and professional development and hope to continue to maintain time in my schedule for both.

 

SUTTON: What is one thing you wish you could tell yourself a year ago?

 

SS: Focus more on short-term rather than long-term goals and be more flexible and prepared to navigate changes more quickly.