10/26/2017
Two developers buy office parks for $35 million | Rochester Business Journal
Thursday, Oct 26, 2017
Two developers buy o ce parks for $35 million
By: Andrea Deckert
September 16, 2016
Two area developers have again partnered, this time buying two Class A office parks in a deal valued at m $35 million. MC Management of Rochester LLC, a partnership between Christa Cos. and Morgan Management LLC, alo private investors, have purchased Corporate Crossings Office Park on Sully’s Trail in Perinton and Canal V Park, near South Winton and Brighton Henrietta Townline roads in Brighton. The previous owner of both properties is Sovereign Partners LLC, a New York City-based real estate investment firm in a deal that closed last week. Corporate Crossings ranks as the region’s ninth largest Class A office park, based on total square footage, most recent Rochester Business Journal list. The office park consists of 215,000 square feet of space in fiv buildings. The park, built in 1999 and 2000 by Christa, features a fitness center and shared conference facilities. Ten include Bonadio & Co. LLP and Martino Flynn LLC. Canal View Office Park, built from 1995 to 1998, consists of roughly 120,000 square feet of space and has in the medical, office and law fields. Christa CEO David Christa said the office parks are in good shape with strong tenant rosters. The combine occupancy rate is roughly 80 percent. The developers plan some cosmetic improvements at the sites, including parking lot upgrades and landsca work. The two have been interested in the properties for a few years, he added. It is one of several local ventures the partnership is leading, driven by the recent resurgence of not only d Rochester but Monroe County as well. Christa’s and Morgan’s joint portfolio also includes the Strathallan, a Doubletree by Hilton Hotel on East Av the Hyatt Regency Hotel downtown, which is about to undergo a major renovation. The developers are working on three projects in the city’s East End, which translate to a roughly $13 milli investment. They are a mixed-use property at 600 East Ave., a luxury apartment building at 10 Prince St. and the crea full-service day spa at the Carriage House next to the Century Club on East Avenue, which Christa and Mo purchased last year. “We believe the area is very strong in terms of development and growth,” Christa said.
9/16/2016 (c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8 email rbj@rbj.net. http://rbj.net/2016/09/16/two-developers-buy-office-parks-for-35-million/
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10/26/2017
Two developers buy office parks for $35 million | Rochester Business Journal
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