SRS Real Estate Partners' national net-lease group completed the $15.9 million sale of the 51,357-square-foot Geneseo Medical Campus in Geneseo, New York.
The upgraded property is fully occupied by Rochester Regional Health, which offers services ranging from general surgery to cardiology and radiology. The property has more than 19 years remaining on the corporate-guaranteed lease.
SRS 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. The property is the first phase in a multi-phase development plan on 26 acres that is slated to include retail, office and hospitality elements.
“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,” Fant said. “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.”
About the project: The medical campus was of particular interest to investors because New York state laws restrict the number of competitive or privatized hospitals entering the market.
What the judges said: Tom Latta and Virginia Squire commended the "big impact" this sale will have on the community.
They made it happen: SRS' Managing Director Britt Raymond and Vice President Kyle Fant.
