New York, NY (October 13, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $13.5 million portfolio sale of two single-tenant medical office properties occupied by Associated Medical Professionals (AMP) in Syracuse, NY and Auburn, NY. AMP provides urology, radiation oncology, CT imaging, pathology, and research department services across 10 locations in upstate New York.
SRS National Net Lease Group’s Vice President Britt Raymond and First Vice Presidents Kyle Fant represented the seller, a Syracuse, NY-based development company. The buyer is a Missouri-based family office specializing in medical office property.
Situated on 2.11 acres and totaling 33,836 square feet, the Syracuse property is located at 1226 E. Water Street and was renovated in 2016 to meet the needs of the growing practice. This location is the “hub” for the practice, and includes two multi-million-dollar radiation vaults. The asset is located along Erie Boulevard E/State Highway 5, a primary retail corridor with a nearby on/off ramp to Interstate 690. It is situated on a dense retail corridor with more than 220,000 residents and 193,000 employees within a three-mile radius. Syracuse University and Upstate Medical University & Hospital area located just one-mile south of the property.
The Auburn property is located in the city’s downtown market at 192 Genesee Street. Built in 2000, the property is situated on .9 acres and totals 4,264 square feet. Genesee Street is a major northeast/southwest thoroughfare for the area and the location promotes strong crossover traffic with a number of nearby retailers including Kohl’s, Dick’s Sporting Goods, Home Depot, and Brass Pro Shops, among others.
“We achieved an aggressive purchase price and cap rate for the portfolio despite the pandemic and the subsequent effects to the healthcare sector,” said Raymond. “I attribute the high amount of buyer demand to the specialization of the practice and the mission critical build-out of the Syracuse space which included two multi-million-dollar radiation vaults with lead lined walls and large radiation machines.”
SRS’ National Net Lease Group has continued its explosive growth in the past year, and plans to continue expansion of their teams across the country throughout the remainder of 2020. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed more than 300 sales to date in 2020. Of those transactions SRS’ National Net Lease Group (NNLG) has closed 223 transactions since the COVID-19 crisis began. These transactions alone are valued at more than $965 million. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.