JOHNSTOWN - A Montgomery County businessman has purchased the four-story Johnstown Professional Office Complex on East Main Street, according to the Fulton County Center for Regional Growth.
CIC President and Chief Executive Officer Michael Reese said Friday that Rick Frasier of the town of Mohawk has purchased the building from the Crossroads Incubator Corp.
He said the final closing and transfer of title should occur in the next couple of weeks. He said the sale is in keeping with the CIC's plan to sell all its properties and dissolve.
"We're just following the plan of selling the real estate portfolio," Reese said. "This is a major one."
One of the tenants of the downtown office complex is the CRG - the parent company of the CIC - which is moving Friday back to the Crossroads Business Park for the second time. The new office will be at 110 Decker Drive, Suite 201.
Reese declined to give the price Frasier paid for the 36,000-square-foot office building.
Frasier, who Reese said will use part of the office complex for his own hearing device business, didn't return a phone call seeking comment Friday.
The Johnstown Professional Office Building is located at 55 E. Main St. It is the former Johnstown Hotel, which was renovated by the CIC for more than $3 million in 1999 into office suites. The building is not only the home of the CRG, but its subsidiaries - the CIC and Fulton County Economic Development Corp.
Reese said Frasier leases Miracle-Ear outlets that sell hearing aids and he has an office at the Johnstown Industrial Park. Reese said he believes Frasier doesn't plan on making any major changes with the current tenant structure.
"I think he's going to leave the tenants in there that we have," Reese said.
The Johnstown Professional Office Complex is the former home of Telecon and Cornell Cooperative Extension of Fulton and Montgomery Counties. Besides the CRG, other building occupants include the law offices of attorney Gerard McAuliffe, Hodgson Russ Attorneys, Ariton Transport, Cornerstone Telephone and Crossroads Counseling.
The site has four floors, room for 150 cars, elevator service and is wired for high-tech networking throughout the entire facility,
The CIC announced it would try to sell its properties at an October 2012 news conference conducted jointly by the CRG and Fulton County government at the County Office Building. At that time, officials said the CRG and its subsidiaries were restructuring and forming a partnership with the county.
Fulton County's economic development agencies have moved several times over the years. They were originally headquartered at the Crossroads Industrial Park on Route 29 in Gloversville for many years, starting in the early 1990s, before moving to the Johnstown Professional Office Complex and then to the Crossroads Business Park. They moved back to the Johnstown Professional Office Complex in 2010.
Michael Anich covers Johnstown and Fulton County news. He can be reached at email@example.com.