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| New York Healthcare Asset Sold at 3 Emma Lane, Clifton Park, NY |
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| Asher Wenig |
The 4,969-square-foot building is located at 3 Emma Lane and is fully leased to Rezolut Imaging.
Stan Johnson Company’s Asher Wenig, with assistance from Ryan Bogle and Greg Macchia, represented the buyer, a private high net worth family from New Jersey.
Etal Associates LLC acquired the asset in a 1031 exchange for $2.0 million. The seller, CPIRE LLC, was based in New York City, New York, and the property traded at a 6.97 percent cap rate.
“The healthcare sector continues to attract exchange buyers, and our clients were no exception,” said Wenig, Senior Director and Partner in Stan Johnson Company’s New York office.
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| Ryan Bogle |
"The outlook for the single-tenant net lease medical sector remains positive, and the sector’s resistance to e-commerce will continue to spur investor activity.”
Approximately 15 miles north of Albany, New York, the property sits on 1.19 acres within a medical park near Interstate 87.
The single-story imaging center was originally built in 2006 and was fully renovated in 2019.
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| Greg Macchia |
“During negotiations, we were successful in amending the double net lease to make it a triple net lease,” Wenig added. “This attractive investment currently has over 13 years remaining on the lease with 2.0 percent annual escalations.”
CONTACT:
David Ebeling
Ebeling
Communications
(949) 278-7851
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