HC Government Realty Trust, Inc. announces the recent acquisition of the U.S. Department of Veterans Affairs Outpatient Clinic in Knoxville, Iowa
SARASOTA, Fla., Aug. 01, 2018 (GLOBE NEWSWIRE) -- HC Government Realty Trust, Inc. (“HCGRT” or “the Company”), today announced that it has recently completed the acquisition of a VA Outpatient Clinic in Knoxville, Iowa.
The Knoxville facility is a 16,731square foot, single-tenant medical office building which was developed to meet the specific requirements of the U.S. Department of Veterans Affairs (VA). The property is located at 1607 North Lincoln Street, Knoxville, Iowa and is 100% leased under a 15-year commitment ending in January 2032. The gross acquisition cost of the property was approximately $7.2 million and the selling broker was Cushman & Wakefield. The lease is backed by the full faith and credit of the United States of America.
“This acquisition marks the first Veterans Affairs tenanted property in our diverse portfolio of single-tenant federal government leased properties,” said Ed Stanton, chief executive officer of HC Government Realty Trust and Holmwood Capital Advisors. “Additionally, this property replaces, in-part, the services the previous VA facility had offered for nearly 100 years to the surrounding community.”
The Company’s strategy is to acquire and operate built-to-suit properties leased to the United States of America that fulfill mission-critical or direct citizen service functions primarily located across secondary or smaller markets. The Company’s real estate portfolio currently includes 14 properties representing approximately 281,000 RSF and houses tenants including the CIS, FBI, SSA, DEA, ICE and Customs and Border Protection, among others.
For more information, please visit our corporate website at www.hcgovtrust.com.
About this Press Release
This press release is neither an offer to sell, nor a solicitation of an offer to buy, any securities of the Company, including without limitation the common stock. Any such offer is made exclusively through the Company’s final offering circular dated November 7, 2016, as the same may be amended or supplemented (the “Final Offering Circular”). The Final Offering Circular, as supplemented, is available at:
We make statements in this press release that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in the “Risk Factors” section of the Final Offering Circular. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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Released August 1, 2018