Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in 161 E. Main Street, Port Jervis, New York. This is a Class-A medical office building constructed in 2009 consisting of 24,000-rentable square-feet of premium medical space. The building is presently 81 percent occupied by three medical tenants, all of which operate under the Bon Secours Medical Group. All tenants are under double net leases limiting landlord’s exposure to expenses to capital improvements and insurance. Suite 101 is currently being retrofitted for Bon Secours to expand into with a new five-year lease expected to commence August 1st, 2022. This property is across the street from and connected by a breezeway to the Bon Secours Community Hospital. Bon Secours became a part of the Westchester Medical Center Health Network (WMCHealth) through an acquisition in 2016. WMCHealth is a 1,700-bed healthcare system based in Valhalla, New York, with ten hospitals on eight campuses. The system employs more than 13,000 people and has approximately 3,000 physicians. WMCHealth carries a “Baa2” credit rating from Moody’s. The subject property offers neurology, primary care, pulmonary and critical care medicine, lipidology, and gastroenterology. The subject property is located along the Delaware River right at the border of Pennsylvania and New Hampshire. This property offers investors the opportunity to acquire a credit health system leased medical office building in which Bon Secours is currently expanding in. This expansion as well as the fact that the building is connected by a breezeway to the Bon Secours Community Hospital point towards the commitment of WMCHealth this location. Further, the 20 percent vacant space provides considerable upside potential through lease up in a highly desirable location.