Property DescriptionJLL 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.
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.
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.