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Miami real estate investor buys Rochester medical office building
Miami real estate investor buys Rochester medical office building
A Miami-based real estate investment firm has acquired a medical office building on Portland Avenue that sits adjacent to Rochester General Hospital.
Vitalis paid $6.25 million, or $328 per square foot, for the fully leased Northern Heights building at 1255 Portland Ave. The three-story building was built in 2008 for $3.3 million by Spoleta Construction and Development, with Passero Associates providing architecture and engineering services.
Rochester Radiology Associates has occupied the first floor since the building opened, Podiatry Associates of Rochester operates on the second floor and Rochester Colon & Rectal Surgeons, P.C., uses the third-floor space.
The tenants have long-term, triple-net leases, meaning they pay real estate taxes, property insurance and maintenance costs.
“We were attracted to this asset given the synergies all three tenants had with the hospital system down the street (Rochester Regional Health),” Elliot LaBreche, managing director at Vitalis, said in a news release. “We are actively looking for more stabilized opportunities in the Rochester metro area, especially if those deals are investment grade or integrated with the health system.”
Vitalis owns properties in nine states. This was the firm’s first venture into the Rochester market, but may not be the last.
“We are looking at others and hope to grow in the region,” LaBreche said in an email to the Rochester Business Journal.
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