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Albany IDA Project Index

Scannell Properties #145, LLC

Project Number: 01011205

Project Address: 55 Commerce Avenue

Applicant Name: SIR Albany, LLC

Owner(s): Revocable Trust of Robert J. Scannell, Saveau, LLC

Developer: REIT Management & Research LLC

Project Description:

This building, formerly the Crowley Dairy facility, has been vacant for over five years. The applicant proposes demolishing the existing structure and constructing a new 125,000 sq.ft. distribution facility and related parking. It is intended that the building be expandable in the future to 155,000 sq.ft. to handle anticipated growth. The building will be leased to American Tire Distributors, Inc. pursuant to a 10 year, triple net lease with two five-year renewal options. Since 1935, American Tire Distributors, Inc. has supported the nation's tire dealers, service repair shops, and automotive performance shops by supplying them with the products, tools, and programs they need.

Approval Date: 09/20/2012

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $464,591

Estimated Employment Impact: 40 construction jobs and 25 full-time equivalent jobs created, 0 full-time equivalent retained

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