The portfolio is 95% leased to a variety of medical tenants, most of which have long term leases on their space, Hunter Beebe of Shattuck tells GlobeSt.com. There is no asking price for the portfolio and Beebe declined to speculate on what the sale could garner for First Columbia.
The exact properties that compose the portfolio Beebe would not discuss except to say they are located around Albany. According to First Columbia's website, the firm owns a number of medical office facilities including 575 Hudson Valley Ave., New Windsor; 1240 New Scotland Ave. and 1220 New Scotland Ave. in Slingerlands; 279 Main St., New Paltz and 648 Plank Rd., Clifton Park. Which ones, if any, of these properties are in the sale is unclear. Although a picture of the 47,551-sf 1220 New Scotland Ave. building was provided by Beebe to run with this report
In the Albany area, the average lease rate is $17 per sf triple net, according to Beebe. The cap rate will most likely be around the national medical office average of 7%, although Beebe says the quality of the portfolio may yield a lower cap rate.
After the sale First Columbia will own 1.5 million sf of office space throughout New York State, this includes both traditional office space as well as medical office.
Beebe and his colleague PJ Camp are marketing the portfolio.
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