Stan Johnson Company Represents 1031 Exchange Buyer in Acquisition of a New York Healthcare Asset for $2.0 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant healthcare property in Clifton Park, New York. 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. “They were attracted to the business, healthy yield, annual escalations and resistance to e-commerce. 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.
“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.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $35 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.