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.”