New Hartford Office for Sale - Outlying Oneida County
The Costello Eye New Hartford facility provides the opportunity to acquire a stabilized 2-tenant medical outpatient asset, featuring freshly cast long-term leases to Costello Eye Physicians & Surgeons, the region’s leading ophthalmology group, and A Health Medicine, a regionally dominant interventional pain management, pulmonology and sleep medicine practice.
ERE Healthcare Real Estate Advisors, LLC, in collaboration with Jennifer Stein Real Estate, Inc., exclusively represent the owners of Costello Eye Physicians & Surgeons (“Costello Eye” or “the property”) in the sale of their new construction ophthalmic and interventional pain management facility.
The 2022 vintage, purpose-built medical facility is strategically located in New Hartford, a suburban town in Oneida County, part of the Central New York region. The building’s frontage onto Commercial Drive and exposure to Route 840 provides the asset with high roadside visibility, situated adjacent to New Hartford Consumer Square, one of the region’s major retail centers featuring over 500,000 square feet of retail space, including a Walmart Supercenter.
Costello Eye New Hartford is a 2-tenant facility anchored by the region’s leading ophthalmology group, serving patients across 5 New York counties throughout 8 strategic locations, which comprises 51% of the building’s NOI. The second tenant, A Health Medicine, is an interventional pain management, pulmonology and sleep medicine practice, providing complimentary use and therefore captive tenancy within the building. Both tenants recently executed fresh long-term leases, demonstrating their commitment to both the market and property.
The first floor is occupied by Costello Eye Physicians & Surgeons and comprises a thoughtfully designed state-of-the-art ophthalmology clinic including a procedure room, diagnostic room, 14 exam rooms and 8 offices. The second floor is an extensively built-out and highly specialized pain center with a full X-Ray suite, 3 procedure rooms, 9 post-op rooms, and 12 exam rooms.
Upon closing of the transaction, the selected purchaser will assume the 2 existing leases which feature a weighted average lease term of 10.56 years, fixed rental increases averaging 2.75% annually, and a current NOI of $479,674.
