GE Inspection Technologies
Skaneateles, NY
Price: $12,170,000Cap Rate: 8.25%Building SF: 73,820 SFLot Size: 17.77 AcresYear Built: 2007Status: Available

Investment Highlights: 

Custom Build to Suit for GE Company (S&P: A-) – Significant Investment in Property – Designed as a build-to-suit for GE in 2007, the Property is occupied by a division of GE Oil and Gas, which is responsible for the design and production of advanced measurement, sensor-based inspection technology solutions for industrial sectors. The Tenant has invested significantly into the property, plant and equipment, making it cost prohibitive to replicate and/or move.

Recent Lease Extension – Strong Rent Growth – Minimal Landlord Responsibilities  – The Tenant recently executed a five-year lease extension through January 2023. The lease features annual 1% rental escalations and offers an investor with minimal landlord responsibilities. Notably, while not a party to the lease, the General Electric Company (Moody’s: A3; S&P: A-) maintains responsibility for the obligations of tenant under the lease.

Quality Building Design – Heavy Power   – The Property is constructed using concrete masonry exterior walls with finished metal panels at higher elevations. The building offers 2,000 amps (277/480v) power service, twenty (20) 20-ton heating and A/C RTUs, a 75 kVa back-up generator and wet/dry pipe fire suppression system.

Proximity to Syracuse – Fifth Most Populous City in New York – Central Location – The property is located approximately 16 miles from Syracuse, the region’s major metropolitan center. It has been appropriately called the Crossroads of New York State, due to its central location and the fact the State’s two major interstate routes the east-west New York State Thruway (Interstate 90) and north-south Interstate 81 intersect here.

Transportation Hub – Proximity to Air, Rail Terminals – The region is a transportation hub, with more than 150 motor carriers and small package carriers servicing the Syracuse area. Air and rail terminals are just 15 minutes from downtown, and seven major airlines, along with affiliated commuter service, offer approximately 250 daily arrivals and departures.

Excellent Demographics – Strong Economy  – There are over 191,000 people who live within a 15 mile radius of the subject property. The Average Household Income tops $98,000 within a 5 mile radius, reflecting a strong economy and draw for workers.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977