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305 Spindrift Drive, Williamsville, NY

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DetailMap
305 Spindrift Drive

Williamsville, NY 14221-7815 - East Submarket


Property Type:Office Sub Type:- Status:Existing Year Built:1998
Stories:1 Typical Floor:29,930 SF Building Size:29,930 SF
For Sale Price:For Sale Price/SF:-
Cap Rate:-
Parking:Free Surface spaces are available; Ratio of 5.05/1,000 SF
29,930 SF is available to occupy upon purchase.



Sale Notes:
305 Spindrift Drive consists of a single-story office building delivered in 1998 with 29,920 square feet of rentable area. The Property is located in Williamsville, NY, which is one of the most affluent Buffalo suburbs. Proximity to shopping and restaurants in the Village of Williamsville as well as the Transit Road retail corridor provide urban amenities in a suburban setting. The 3-acre site is well-parked with over five stalls per 1,000 SF.

The Property is currently 100% leased to a single tenant, ADP, who has occupied the entire building since its construction in 1998. The tenant executed a 12-month extension in September 2016 and another 6-month extension in September 2017. The current lease expires on February 28, 2018.

INVESTMENT HIGHLIGHTS

Well-Maintained Office Value Add Opportunity
- Near term roll presents an opportunity to restructure current investment-grade tenant’s lease or reposition the asset entirely
- Improvements are in good condition and have been well-maintained by the building’s original tenant

Improving Economy
- The Buffalo market was given a new lease on life in 2012 when Governor Anthony Cuomo announced the Buffalo Billion Investment Development Plan, which aims to commit $1 billion to the Buffalo area economy that will create thousands of jobs and spur billions more in economic activity.
- As of January 2016, a total of $870.5 million of the plan’s budget had been announced and is expected to generate a total investment of over $8 billion and a total employment impact of almost 14,000 jobs (direct, indirect, and induced job impact over 5 years).

Desirable Location
- The Buffalo office CBD saw a surge of investment activity over the past five years, but it has largely been picked through and most tenants are now priced out of the downtown submarket. Superior product at a lower price point in the surrounding suburbs is now the most attractive option.
- Williamsville is one of the wealthiest, most desirable suburbs of Buffalo and was recently ranked #1 school district in Western New York (Thomas, Scott 2012 School District Rankings)

The Property will be auctioned on RealINSIGHT Marketplace on December 11-13th.

Newmark Knight Frank
Mark Schuessler
(310) 201-2075




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