Bus Facility Portfolio - Rome, NY
248 Otis St
Rome
,
NY 13441-4810
Bus Facility Portfolio - Rome, NY - Industrial for sale
Overview
JLL is pleased to offer for sale the fee-simple interest in a two-property bus service facility portfolio (the Properties, Assets, or Portfolio) located in Rome, NY. The Assets are leased to Birnie Bus Company (a recently acquired subsidiary of Krapf Bus Companies) and Leonard Bus Sales, respectively. Both tenants are industry leaders signed to NN+ leases with minimal landlord responsibilities and over 7.5 years of NOI-weighted average remaining lease term with two, 5-year options. The Properties are adjacent to one another in the Griffiss Business and Technology Park, a 3,500-acre development that is home to an impressive roster of tenants and the Griffiss International Airport.
Investment Highlights
ATTRACTIVE LEASE FUDNAMENTALS AND TENANCY
Both Properties are fully leased, single tenant assets featuring NN+ lease structures with minimal landlord responsibilities, over 7.5 years of NOI-weighted average remaining lease term, and 2% annual rent growth from Birnie Bus Service (Krapf).
Krapf Bus Companies, who recently acquired Birnie Bus Service, is the fourth-largest school bus operator in the United States. Leonard is a leading school bus dealer that has been awarded countless “Dealer of the Year” awards from various manufacturers.
VALUABLE LOCATION
The Portfolio is located in Griffiss Business and Technology Park, a lively center for private and public enterprise. The park covers 3,500 acres and has several developmental districts with specific focuses in technology, manufacturing, aviation, education, and recreation.
STRONG REAL ESTATE FUNDAMENTALS
The large sites total over 21 acres, and feature 77,785 SF of industrial and office space across four buildings well-suited to numerous automotive and industrial uses.
The Assets are directly adjacent to one another, with the current tenants sharing synergies in their business practices and allowing for practical management efficiencies and ease of financing for ownership.
Buildings are outfitted with numerous attractive elements including an oil separator, 20 foot clear heights, well-appointed office space, and radiant garage heating.
Both Properties are fully leased, single tenant assets featuring NN+ lease structures with minimal landlord responsibilities, over 7.5 years of NOI-weighted average remaining lease term, and 2% annual rent growth from Birnie Bus Service (Krapf).
Krapf Bus Companies, who recently acquired Birnie Bus Service, is the fourth-largest school bus operator in the United States. Leonard is a leading school bus dealer that has been awarded countless “Dealer of the Year” awards from various manufacturers.
VALUABLE LOCATION
The Portfolio is located in Griffiss Business and Technology Park, a lively center for private and public enterprise. The park covers 3,500 acres and has several developmental districts with specific focuses in technology, manufacturing, aviation, education, and recreation.
STRONG REAL ESTATE FUNDAMENTALS
The large sites total over 21 acres, and feature 77,785 SF of industrial and office space across four buildings well-suited to numerous automotive and industrial uses.
The Assets are directly adjacent to one another, with the current tenants sharing synergies in their business practices and allowing for practical management efficiencies and ease of financing for ownership.
Buildings are outfitted with numerous attractive elements including an oil separator, 20 foot clear heights, well-appointed office space, and radiant garage heating.
| General | |
| Property Type | Industrial |
| Property Subtype | Truck Terminal |
| Tenure Type | Sale / Purchase |
| Property Address | 248 Otis St, Rome, NY 13441-4810 |
| Land In Acres | 21.84 |
| Building Size | 77,785 ft2 |
| Financial | |
| Price | $7,125,000 |
| Cap Rate | 9.45% |
| Current NOI | $673,404.00 |
| Lease | |
| Tenant's Name | Leonard Bus Sales |
| Lease Type | NN |
| Annual Rent | $410,958.00 |
| Lease Expiration Date | 06/30/2027 |
| Remaining Term | 8.4Yrs |
Download Offering Memorandum
Presented By
-
Primary Contact
- Nicholas G. Kanich
- License No.: IL - 475147401
- nicholas.kanich@am.jll.com
- +1 312 228 2093
-
Secondary Contact
- Alex Sharrin
- License No.: IL - 475.170243
- alex.sharrin@am.jll.com
- +1 312 228 3197
-
Broker of Record
- Peter Furest
- License No.: NY - 10401232530
- peter.furest@am.jll.com
- +1 212 812 5802
Other properties you may be interested in
-
Identity Group - Net Lease Industrial Portfolio
Various - See Om For Details
, TNType(s): IndustrialTenure(s): Sale / PurchasePrice ($USD): 8,000,000Space Available: 200,749 ft2
-
Bob's Discount Furniture - Stoughton, MA
601 Technology Center Dr
Stoughton, MA 02072-4719Type(s): RetailTenure(s): Sale / PurchasePrice ($USD): 9,390,000Space Available: 34,136 ft2
-
Walgreens - Fall River, MA
328 Rhode Island Ave
Fall River, MA 02721-2330Type(s): RetailTenure(s): Sale / PurchasePrice ($USD): 8,050,000Space Available: 14,820 ft2
-
Walgreens - East Providence
600 Warren Ave
East Providence, RI 02914-2808Type(s): RetailTenure(s): Sale / PurchasePrice ($USD): 3,790,850Space Available: 16,657 ft2
-
Walgreens & Bank of America - Londonderry, NH
131 Nashua Rd
Londonderry, NH 03053-3604Type(s): RetailTenure(s): Sale / PurchasePrice ($USD): 8,375,000Space Available: Contact Us
-
Bob's Discount Furniture
515 Boston Post Rd
Orange, CT 06477-3509Type(s): RetailTenure(s): Sale / PurchasePrice ($USD): 6,588,000Space Available: 28,024 ft2