Social Security Administration: Lorain/Cleveland, Ohio

Properties

Portfolio Map

Recent Acquisitions

Montgomery, Alabama

Montgomery, Alabama

U.S. Citizenship and Immigration Services (CIS)

Size: 21,116 RSF
100% leased to the United States of America

Norfolk, Virginia

Norfolk, Virginia

Social Security Administration/ODAR

Size: 53,917 RSF
100% leased to the United States of America

Acquisition Case Studies

Port Saint Lucie, Florida

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percent of portfolio in square feet

Port Saint Lucie, Florida

U.S. Drug Enforcement Administration

Investment features:

  • Built-to-suit in 2002 – current prototype for DEA Field Offices
  • ~ 25,000 RSF
  • Discreetly marketed
  • Discrete location with convenient access to Interstate 95 – the main North / South artery from Miami to Maine

Management Value Add:

  • Property was sourced from a fractured Tenant-in-Common (“TIC”) syndication that renewed the lease without a rent increase resulting in an acquisition price well below replacement cost
  • Below market rent rate allows for significant upside upon the next lease renewal
  • New roof and HVAC replacement negotiated into purchase price
Cape Canaveral, Florida

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percent of portfolio in square feet

Cape Canaveral, Florida

U.S. Customs and Border Protection

Investment features:

  • Built-to-suit in 2012 with significant additional land for future expansion
  • ~ 15,000 RSF
  • Off-market transaction at a significant discount to current cap rates
  • Extremely valuable location within the space constrained Port Canaveral – the 2nd largest cruise port in the world serving 3.9 million passengers per year

Management Value Add:

  • Negotiated with the Port to extend the ground lease from 25 years remaining to a total of 40 years at no additional cost, reflecting the Port’s commitment to the CBP’s location
  • Completed significant tenant improvements to accommodate an expanding employee base at the request of the GSA during our first year of ownership
Johnson City, Tennessee

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percent of portfolio in square feet

Johnson City, Tennessee

Federal Bureau of Investigation

Investment features:

  • Built-to-suit FBI Field Office in 2012
  • ~ 10,000 RSF
  • Designated a “Continuous Operations Building” to support the Knoxville, TN Regional Headquarters
  • Protects the Blue Ridge Mountain corridor

Management Value Add:

  • Management currently working with the GSA to add tenant improvements and security upgrades that will allow the facility to operate 24/7
  • Early stage discussions to expand the size of the building – the property was acquired with additional land and expansion capabilities in anticipation of future space needs