Rochester Gas & Electric
Rochester, NY
Key Details
| Price: | $23,272,540 |
|---|---|
| Cap Rate: | 6.10% |
| Annual Rent: | $1,419,625 |
| Address: | 1300 Scottsville Road, Rochester, New York 14624 |
| Property Type: | Industrial |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 33 Years |
|---|---|
| Lease Commencement: | 11/1/2001 |
| Lease Expiration: | 10/31/2034 |
| Lease Term Remaining: | 10.1 Years |
| Lot Size: | 17.50 Acres |
| Building Size: | 138,500 SF |
| Year Built: | 2001 |
The subject property is a Rochester Gas & Electric training and emergency management center located at 1300 Scottsville Road in Rochester, New York. This property benefits from an investment grade credit guarantor.
The property was a built-to-suit for this tenant in 2001. The tenant contributed an additional $10 million toward specialized equipment (indoor crane, security, specialized training equipment and removable storage equipment).
The facility consists of roughly 138,500 square feet of building space on an approximately 17.5-acre parcel of land. Tenant has been operating out of the location for over 23 years with a recent 10-year extension.
In 2020, 4 years prior to their original lease expiration, RG&E extended the lease to 2034, showing the importance of the facility and their commitment to the location. In addition, the tenant revised the lease to an absolute NNN lease with zero landlord responsibilities.
The purchase priced is based off the 2.5% rental increase coming in November of 2024.
About the Investment
- Investment Grade Credit – Rochester Gas & Electric – A- S&P Credit Rating
- Tenant Extended/Restructured Lease in 2020, 4 Years Prior to Original Expiration Date – Tenant Has Been Operating at the Site for 23+ Years
- ~10 Years of Term Remaining
Key Details
| Price: | $23,272,540 |
|---|---|
| Cap Rate: | 6.10% |
| Annual Rent: | $1,419,625 |
| Address: | 1300 Scottsville Road, Rochester, New York 14624 |
| Property Type: | Industrial |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 33 Years |
|---|---|
| Lease Commencement: | 11/1/2001 |
| Lease Expiration: | 10/31/2034 |
| Lease Term Remaining: | 10.1 Years |
| Lot Size: | 17.50 Acres |
| Building Size: | 138,500 SF |
| Year Built: | 2001 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Christopher Urban
curban@nnnpro.com
License: NY: 10401294011
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.