Rochester, NY - Verizon

Description:

• The tenant recently exercised their option period for an additional 8 years, with 2 (5-year) options remaining, demonstrating their commitment to the site
• The lease features 10% rental increases at the beginning of the remaining option periods, growing NOI and hedging against inflation
• The asset is in the 87th percentile nationwide for Verizon (per Placer.ai)

• The subject property is in close proximity to Ridgemont Plaza, one of the largest shopping centers in Rochester, with tenants including Wegman’s, Best Buy, At Home, Five Below, Texas Roadhouse, and many more
• The asset is within walking distance to The Mall at Greece Ridge, which features over 1.4 million square feet of retail space, with tenants including Dick’s Sporting Goods, JCPenney, Goodwill, and more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site