The transaction closed on September 15th, 2022.
Vitalis closed on a 19,000 SF campus adjacent medical office building located at 1255 Portland Ave in Rochester, NY. The building sold for $6,250,000 or $328 / SF. Rochester Radiology, Rochester Colon and Rectal Surgeons and Rochester Podiatry lease 100% of the facility on long term NNN leases. The location is ideal as all three Tenant’s perform procedures at Rochester General Hospital. The building was developed in 2008 in a joint venture between a local developer and the anchor Tenant Rochester Podiatry.
“We were attracted to this asset given the synergies all three (3) Tenants had with the hospital system down the street” says Managing Director Elliot LaBreche. “We are actively looking for more stabilized opportunities in the Rochester metro – especially if those deals are investment grade or integrated with the health system.”
Vitalis plans to accelerate the pace of acquisitions in Top 50 metropolitan areas with a goal of closing $150,00,000 by the end of 2022.
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About Vitalis:
Elliot LaBreche is the founder of Vitalis, a vertically integrated real estate investment company focused on medical office and life science investment sales, acquisitions, and leasing across the US.
About Advenir:
Stephen Vecchitto, founded Advenir in 1996 and serves as the company’s Managing Director. Advenir acquires, develops, and manages multi-family and single-family rental communities on behalf of high net worth and institutional investors. Advenir’s current multi-family portfolio consists of 15,000 units valued at over $3 Billion.
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