The portfolio is 95% leased to a variety of medical tenants,most of which have long term leases on their space, Hunter Beebe ofShattuck tells GlobeSt.com. There is no asking price for theportfolio and Beebe declined to speculate on what the sale couldgarner for First Columbia.

The exact properties that compose the portfolio Beebe would notdiscuss except to say they are located around Albany. According toFirst Columbia's website, the firm owns a number of medical officefacilities including 575 Hudson Valley Ave., New Windsor; 1240 NewScotland Ave. and 1220 New Scotland Ave. in Slingerlands; 279 MainSt., New Paltz and 648 Plank Rd., Clifton Park. Which ones, if any,of these properties are in the sale is unclear. Although a pictureof the 47,551-sf 1220 New Scotland Ave. building was provided byBeebe to run with this report

In the Albany area, the average lease rate is $17 per sf triplenet, according to Beebe. The cap rate will most likely be aroundthe national medical office average of 7%, although Beebe says thequality of the portfolio may yield a lower cap rate.