Pegula Sports and Entertainment has purchased the Hi-Temp Fabrication building at the corner of Perry and Illinois Street and an adjacent parking lot. The five-story building sits directly adjacent to First Niagara Center. The deal has been in the works since at least May.

Shelley McKendry, NPO Holdings, and Mairead McKendry deeded the properties at 79 Perry Street and 55 Illinois Street to Illinois Perry I, II and III LLCs in three transactions on Tuesday. Yesterday, the purchases were transferred to Illinois Perry LLC with $0 consideration listed. The Illinois Perry LLCs are registered to Pegula Sports and Entertainment’s offices at 199 Scott Street, Suite 200.

Pegula Sports released the following statement:

Pegula Sports & Entertainment, LLC is pleased to announce the purchase of the building located at 79 Perry Street and 59 Illinois Street through an affiliate company. Development of the property is currently in the early planning stages, as PSE determines how it can best contribute to the future growth of the Canalside and Cobblestone districts.