University of Rochester
Total Square Footage: 54,187
Acquired: August 20, 2021
Tenant Name: University of Rochester
Royal Oak Realty Trust (“Royal Oak”) is pleased to announce the completion of our latest acquisition.
On August 20, 2021, Royal Oak acquired the newly constructed, built-to-suit medical office facility for the University of Rochester (“the University”), an investment grade, Aa3 (Moody’s) rated institution of higher education located in Brighton, NY. This is Royal Oak’s first medical office investment. The property is located in the Rochester metropolitan statistical area (“MSA”) and offers immediate access throughout the Rochester region via Interstates 90, 390, 490 and 590. The lease is triple net with Royal Oak responsible for capital replacements, along with exterior management that is 100% reimbursed by the University. There is approximately 8.5-years remaining on the lease.
The property was built in 2019 for the University to consolidate their team of physicians, nurse practitioners, physician assistants, and staff from three separate urology facilities to better serve patients. A total of fifteen physicians now practices out of the Property which is nine more than any other location of the University’s Department of Urology. The property sits on approximately 12.7 acres.
The University is a private not-for-profit institution of higher education based in Rochester, New York. The University provides education and training, primarily for students at the undergraduate, graduate, and postdoctoral levels. It also performs research, training, and other services under grants, contracts, and similar agreements with sponsoring organizations, primarily departments and agencies of the United States Government; and provides healthcare services through Strong Memorial Hospital, Strong Home Care Group, the various entities included in Strong Partners Health System, Inc. (SPHS), F.F. Thompson Health System, Inc., Livingston Health Care System, Inc., The Memorial Hospital of William F. and Gertrude F. Jones, Inc. and St. James Hospital.