Turnkey Offices with Existing Income 2 Office Properties Online Auction Sale Arcade, NY
INVESTMENT HIGHLIGHTS
- Two office cash-flowing portfolio provides a total of 7,400 square feet of freestanding suburban office space with a prime location off Highway 39.
- Buildings sit within five minutes of national retail amenities, large job centers, area highways, and the walkable streets of downtown Arcade.
- Both buildings can be seen from a signalized intersection, which delivers daily brand exposure to over 12,000 passing vehicles.
- Highway 39 connects with both Highways 98 and 16, allowing travel to Buffalo, Batavia, and Olean in less than an hour.
EXECUTIVE SUMMARY
Discover this portfolio comprising of two freestanding, single-tenant offices at 22 and 26 Edward Street, just off the main artery of Arcade, New York. Delivered fully occupied, as an added benefit for the future Buyer, the companies that occupy the space currently would like to execute a 1yr lease (treated like holdover) to remain in the space at a market rental rate. This allows a buyer to quickly utilize the space for their own operations or pursue a new lease that is in line with growing rents in the area.
22 Edward Street offers 5,000 square feet, originally built on a 1.55-acre lot in 1990, and 26 Edward Street comprises 2,400 square feet with ±73 parking spaces built on 0.99 acres in 1992. Sitting just down the street, the properties’ proximity provides convenience and the opportunity for operational efficiencies. The buildings are equipped with prominent signage visible from the signalized intersection of Edward Street and Main Street, providing daily exposure to more than 12,000 passing vehicles.
Sitting just off Highway 39 (W Main Street), 22 & 26 Edward Street places businesses near vital commuter highways, retail amenities, and the Arcade’s biggest employers. Within five minutes of the buildings, tenants will find household name retail brands, including Top’s Friendly Markets, Walgreens, Tractor Supply Co, Rent-A-Center, Value Home Centers, Advance Auto Parts, McDonald’s, Tim Hortons, and Burger King. The same area is home to major employment centers, including operations for Koike Aronson Inc., Prestolite Electric, GenTech Scientific, and Empire Distributing. Highway 39 conveniently connects with Highways 98 and 16, allowing for easy commutes from neighboring markets such as Olean, Buffalo, and Batavia, all reachable in less than an hour.
22 Edward Street offers 5,000 square feet, originally built on a 1.55-acre lot in 1990, and 26 Edward Street comprises 2,400 square feet with ±73 parking spaces built on 0.99 acres in 1992. Sitting just down the street, the properties’ proximity provides convenience and the opportunity for operational efficiencies. The buildings are equipped with prominent signage visible from the signalized intersection of Edward Street and Main Street, providing daily exposure to more than 12,000 passing vehicles.
Sitting just off Highway 39 (W Main Street), 22 & 26 Edward Street places businesses near vital commuter highways, retail amenities, and the Arcade’s biggest employers. Within five minutes of the buildings, tenants will find household name retail brands, including Top’s Friendly Markets, Walgreens, Tractor Supply Co, Rent-A-Center, Value Home Centers, Advance Auto Parts, McDonald’s, Tim Hortons, and Burger King. The same area is home to major employment centers, including operations for Koike Aronson Inc., Prestolite Electric, GenTech Scientific, and Empire Distributing. Highway 39 conveniently connects with Highways 98 and 16, allowing for easy commutes from neighboring markets such as Olean, Buffalo, and Batavia, all reachable in less than an hour.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
PROPERTY FACTS
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Total Building Size | 7,400 SF |
| Total Land Area | 2.55 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT |
|---|---|---|---|
| 22 Edward St, Arcade, NY 14009 | Office | 5,000 SF | 1990 |
| 26 Edward St, Arcade, NY 14009 | Office | 2,400 SF | 1992 |
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SALE ADVISOR
SALE ADVISOR
Derek Myers, Executive Managing Director
(212) 372-2033
Contact
Derek Myers joined Newmark Knight Frank in 2006, leveraging his more than 20 years of experience in commercial real estate sales, development and corporate advisory services. Mr. Myers focuses on assisting multinational corporations, developers, law firms, national retailers and private equity firms with strategic planning, merger and acquisition due diligence, cost reduction analysis and lease negotiations. Mr. Myers has completed more than 120 due diligence projects for private equity clients including The Gores Group, Starwood Capital, Platinum Equity and 3G Capital. He has extensive experience with corporate carve outs and prepackage bankruptcy, having restructured the real estate portfolios for Bank United, Burger King Corporation, Harris Broadcast Communication, National Envelope and Stock Building Supply. Mr. Myers currently manages the global real estate portfolios for the following clients:
Buchanan Ingersoll & Rooney PC
Elo Touch Solutions
Imagine Communications
Immucor
Stock Building Supply
TapouT Gym
Unify
Prior to joining Newmark Knight Frank, Mr. Myers was an investor and consultant with La Cité Development, where he identified new residential and mixed use development opportunities throughout the U.S. This also included the identification of new RFP and RFQ opportunities for intercity development of blighted properties on a local, state and national level.
Before La Cite development, Mr. Myers was an associate managing director at Julien J. Studley, Inc., where he specialized in tenant representation, strategic facility planning and portfolio analysis. He worked primarily with Fortune 500 corporations, major law firms, financial institutions, nonprofit organizations and government agencies to analyze real estate portfolios, develop financial modeling and provide analysis of industry best practices. Mr. Myers was recognized as Julien J. Studley's Rookie Salesperson of the Year in 1999.
Mr. Myers received a Bachelor of Business Administration degree in marketing from the University of Mississippi.
Buchanan Ingersoll & Rooney PC
Elo Touch Solutions
Imagine Communications
Immucor
Stock Building Supply
TapouT Gym
Unify
Prior to joining Newmark Knight Frank, Mr. Myers was an investor and consultant with La Cité Development, where he identified new residential and mixed use development opportunities throughout the U.S. This also included the identification of new RFP and RFQ opportunities for intercity development of blighted properties on a local, state and national level.
Before La Cite development, Mr. Myers was an associate managing director at Julien J. Studley, Inc., where he specialized in tenant representation, strategic facility planning and portfolio analysis. He worked primarily with Fortune 500 corporations, major law firms, financial institutions, nonprofit organizations and government agencies to analyze real estate portfolios, develop financial modeling and provide analysis of industry best practices. Mr. Myers was recognized as Julien J. Studley's Rookie Salesperson of the Year in 1999.
Mr. Myers received a Bachelor of Business Administration degree in marketing from the University of Mississippi.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
