HC Government Realty Trust, Inc. Announces $17 Million Acquisition of Three Federal Government Properties
~ Expands Portfolio to 20 Properties Across 11 Federal Agencies in 13 States ~
WINSTON-SALEM, NC -- HC Government Realty Trust, Inc. (“HC Gov”), a fully integrated real estate investment trust focused on the acquisition, development and management of commercial properties leased to the U.S. Government, today announced that it has completed the acquisition of three Federal government properties from Rooker, an experienced GSA developer in Atlanta, Georgia.
The Fort Lauderdale, Florida facility is a 16,000 square foot, two-story single-tenant office building which was developed to meet the specific requirements of the U.S. Department of Homeland Security (DHS). The property, built in 2018, is 100% leased under a 15-year commitment ending in April 2033.
The Oklahoma City, Oklahoma facility is a 16,991 square foot, single-tenant office building which was developed to meet the specific requirements of the U.S. Department of Homeland Security (DHS). The property, built in 2018, is 100% leased under a 15-year commitment ending in December 2033.
The Lawrence, Kansas facility is a 16,000 square foot, single-tenant office building which was developed to meet the specific requirements of the U.S. Geological Survey (USGS). The property, built in 2018, is 100% leased under a 15-year firm term commitment ending in February 2033.
The total acquisition cost for the three properties was $17 million and the selling broker was Travis Trautvetter at Cushman & Wakefield. Each lease is backed by the full faith and credit of the United States of America.
Steve Hale, Chairman and Chief Executive Officer of HC Gov, commented, “This portfolio acquisition is significant as we added over 14% to our total rental square footage and significantly extended HC Gov’s average lease maturity to over 10 years. Each of these three properties fit our “bullseye” of first generation, mission-critical Federal government properties in strong MSAs under long firm-term leases. We are grateful to be able to partner with experienced GSA leaders in Travis and the Rooker team.”
Travis Trautvetter, Vice Chairman at Cushman & Wakefield added, “This portfolio provides an attractive combination of high-quality federal properties, each featuring core aspects targeted by government investors, including new construction, specialized tenant improvements, long-term leases, and occupancy by essential federal departments. We congratulate Rooker and HC Gov, and note that this acquisition is part of HC Gov’s strategic growth plan as they continue to expand their holdings throughout the United States.”
HC Gov’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. The Company’s real estate portfolio currently includes 20 properties representing approximately 390,000 rentable square feet across 11 different agencies located in 13 states.
For more information, please visit our corporate website at www.hcgovtrust.com.
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Released October 23, 2019