New York, NY (October 27, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $15.9 million sale of a 51,357-square-foot (sf) medical property fully occupied by Rochester Regional Health – Geneseo Medical Campus. Built in 2021 and situated on 6.24 acres at 4302 Gateway Drive in Geneseo, NY, the property has more than 19 years remaining on the corporate-guaranteed lease.
SRS NNLG’s Vice Presidents Britt Raymond and Kyle Fant represented the seller, a New York-based developer. The buyer, a New Jersey-based family office was represented by Ray Yung Real Estate.
Rochester Regional Health is an integrated health system, which includes nine hospitals, hundreds of outpatient specialty, urgent care, and primary practices. Its highly upgraded, state-of-the-art Geneseo property features a variety of highly specialized services including cardiology, radiology, endocrinology, orthopedics, dermatology, and general surgery.
“With the 10-year treasury rapidly rising and increasing debt costs for a deal of this size, our team faced added marketing challenges that were non-existent earlier this year,” said Fant. “SRS ran a highly competitive marketing process and ultimately sourced a family office based in New Jersey that was in a 1031 exchange. We achieved a cap rate over 50 basis points better than institutional pricing.”
Raymond added, “This asset was of particular interest to investors from a supply and demand standpoint because New York is a certificate of need state which dictates the number of hospital beds and facilities. This restricts the number of competitive or privatized hospitals from entering the market.”
The property is part of the first phase in a multi-phase development plan on 26 acres that will include retail, office, and hospitality uses. It is well-located at the signalized intersection of Volunteer Road and Route 20A/Lakeville Road.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states. SRS and currently has more than $2.5 billion in property on the market, with more than 590 properties sold year-to-date valued in excess of $2.3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.
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