91.4% Occupied Mission-Critical Industrial | 400 West Ave
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91.4% Occupied Mission-Critical Industrial 400 West Ave
262,076 SF 91% Leased Office Building Online Auction Sale Rochester, NY 14611
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Investment Highlights
- Strategically located, mission-critical industrial asset spanning 262,076 square feet on just over 18 acres with proven tenant commitment.
- Current occupancy of 91.4% and a WALT of 6.3+ years, offering stable and predictable cash flow for investors.
- Anchor tenants RG&E and AT&T have demonstrated exceptional commitment to the asset, with tenancies spanning over 30 years.
- Offers immediate access to key transportation arteries, including I-390 and I-490, just minutes from the Greater Rochester International Airport.
- Features dual power feeds, on-site diesel backup generators, advanced switchgear systems, ensuring operational resiliency and uninterrupted service.
- Zoned M-1 (Industrial District), allowing a variety of industrial and commercial uses, including manufacturing, warehousing, and distribution.
Executive Summary
Colliers is pleased to present the exclusive offering of 400 West Avenue, Rochester, Monroe County, NY (“400 West Avenue” or the “Property”)—a strategically located, mission-critical industrial asset.
Currently 91.4% occupied and spanning approximately 262,000 square feet on just over 18 acres, 400 West Avenue has served as the cornerstone of operations for anchor tenant Rochester Gas & Electric (RG&E) since 1993. As a subsidiary of Avangrid Inc. (NYSE: AGR), a credit-rated utility provider with an A- credit rating (S&P), RG&E has invested over $80 million to upgrade the site’s electrical infrastructure, including a second power feed for redundancy, ensuring uninterrupted operations.
As RG&E’s primary staging facility for a nine-county region, 400 West Avenue is integral to its mission of delivering reliable energy to the community. Over its 30-year tenure, RG&E has extensively built-out the site with advanced power systems, diesel backup generators, and operational infrastructure critical to its service delivery, underscoring its continued long-term commitment.
AT&T (NYSE:T), a global telecommunications leader with a BBB+ credit rating (S&P), and the Property’s other anchor tenant, has been a valued occupant since 1994. Together, RG&E and AT&T occupy 70% of the rentable building area (RBA) while contributing 80% of the building’s base rent, demonstrating the Property’s stable income stream and strong tenant creditworthiness.
Strategically located near key transportation routes, including Interstate 390 and Interstate 490, and in close proximity to the Greater Rochester International Airport, 400 West Avenue offers exceptional logistical advantages, further enhancing its appeal to tenants across sectors.
This offering presents a rare opportunity to acquire a mission-critical facility with proven tenant commitment, robust infrastructure, and significant regional importance.
Currently 91.4% occupied and spanning approximately 262,000 square feet on just over 18 acres, 400 West Avenue has served as the cornerstone of operations for anchor tenant Rochester Gas & Electric (RG&E) since 1993. As a subsidiary of Avangrid Inc. (NYSE: AGR), a credit-rated utility provider with an A- credit rating (S&P), RG&E has invested over $80 million to upgrade the site’s electrical infrastructure, including a second power feed for redundancy, ensuring uninterrupted operations.
As RG&E’s primary staging facility for a nine-county region, 400 West Avenue is integral to its mission of delivering reliable energy to the community. Over its 30-year tenure, RG&E has extensively built-out the site with advanced power systems, diesel backup generators, and operational infrastructure critical to its service delivery, underscoring its continued long-term commitment.
AT&T (NYSE:T), a global telecommunications leader with a BBB+ credit rating (S&P), and the Property’s other anchor tenant, has been a valued occupant since 1994. Together, RG&E and AT&T occupy 70% of the rentable building area (RBA) while contributing 80% of the building’s base rent, demonstrating the Property’s stable income stream and strong tenant creditworthiness.
Strategically located near key transportation routes, including Interstate 390 and Interstate 490, and in close proximity to the Greater Rochester International Airport, 400 West Avenue offers exceptional logistical advantages, further enhancing its appeal to tenants across sectors.
This offering presents a rare opportunity to acquire a mission-critical facility with proven tenant commitment, robust infrastructure, and significant regional importance.
Data Room Click Here to Access
- 2. Financials
- 3. Property Information
- Purchase Agreement
- Third Party Reports
Market Analytics Click Here to Access
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Market Sale Price per SF
Rochester - NY USA
Market Cap Rate
Rochester - NY USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
262,076 SF
Building Class
B
Year Built/Renovated
1955/2001
Percent Leased
91%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
87,359 SF
Building FAR
0.33
Lot Size
18.28 AC
Zoning
M-1
Parking
350 Spaces (1.34 Spaces per 1,000 SF Leased)
Amenities
- Signage
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
| Space | Size | Space Use | Condition | Available |
| 2nd Floor | 9,000 SF | Office | - | Now |
2nd Floor
| Size |
| 9,000 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
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2nd Floor
| Size | 9,000 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
20,955
130,404
292,166
2020 Population
21,685
132,852
299,090
2029 Population
20,570
128,410
287,455
2024-2029 Projected Population Growth
-1.8%
-1.5%
-1.6%
Daytime Employees
10,906
147,810
278,488
Total Businesses
985
11,707
24,495
Average Household Income
$51,189
$58,433
$67,994
Median Household Income
$37,329
$41,979
$50,587
Total Consumer Spending
$165.7M
$1.2B
$3B
Median Age
35.2
34.5
36.0
2024 Households
8,112
56,474
125,582
Percent College Degree or Above
8%
13%
16%
Average Home Value
$124,932
$155,323
$170,298
$ values in USD
zoning
| Zoning Code | M-1 |
| M-1 |
PROPERTY TAXES
| Parcel Number | 261400 120.40-1-2.004 | Improvements Assessment | £2,656,973 |
| Land Assessment | £468,878 | Total Assessment | £3,125,850 |
PROPERTY TAXES
Parcel Number
261400 120.40-1-2.004
Land Assessment
£468,878
Improvements Assessment
£2,656,973
Total Assessment
£3,125,850
Sale Advisors
Sale Advisors
Jacklene Chesler, Vice Chair
(973) 610-1875
Contact
Jacklene serves as Vice Chair and provides Investment Sales & Advisory expertise to institutional and private investors. She focuses on all major product types including Office, Industrial, Retail, Residential/Mixed Use and Land. She has vast experience in working with Special Servicers (Loan and REO teams), Asset Mangers and other Fidicuciary Agents on CMBS and balance sheet properties, and other type of distressed assets. She is also very active with marketing and selling properties via online auctions, most notable Tenx.com.
Jacklene joined the firm in 2013. Prior to Colliers, she was a Director for the NKF Capital Markets Tri-State Team from 2008 to 2013. She has been a top 10% producer for Colliers from 2014 to current year and recognized for this achievement by being part of the prestigious Everest Club.
Jacklene joined the firm in 2013. Prior to Colliers, she was a Director for the NKF Capital Markets Tri-State Team from 2008 to 2013. She has been a top 10% producer for Colliers from 2014 to current year and recognized for this achievement by being part of the prestigious Everest Club.
Patrick Norris, Vice President
(973) 299-3010
Contact
Patrick Norris, Vice President, has been part of the commercial real estate industry since 2016. He specializes in institutional, as well as private investor sale transactions throughout New Jersey and the surrounding tri-state metropolitan region. In addition to executing highly competitive traditional marketing campaigns, Patrick is an expert at selling properties via online auction platforms including Ten-X Commerical, RIMarketplace and Crexi.
Patrick has been involved in the marketing and sale of office, retail, industrial and multi-family assets. He was recognized by Real Estate Weekly as a “2018 Rising Star of Real Estate”. Patrick was named to the Mid Atlantic Real Estate Journal’s 2022 “30 Under 30”. Also he received the Platinum Broker Award by Crexi.
Patrick is a member of National Association of Industrial and Office Professionals (NAIOP) Developing Leaders, Industrial and Office Real Estate Brokers Association (IOREBA) Next Gen and International Council of Shopping Centers (ICSC).
Patrick has been involved in the marketing and sale of office, retail, industrial and multi-family assets. He was recognized by Real Estate Weekly as a “2018 Rising Star of Real Estate”. Patrick was named to the Mid Atlantic Real Estate Journal’s 2022 “30 Under 30”. Also he received the Platinum Broker Award by Crexi.
Patrick is a member of National Association of Industrial and Office Professionals (NAIOP) Developing Leaders, Industrial and Office Real Estate Brokers Association (IOREBA) Next Gen and International Council of Shopping Centers (ICSC).
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. 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.
Read More
Auction Contact
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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91.4% Occupied Mission-Critical Industrial | 400 West Ave
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