Social Security Administration: Lorain/Cleveland, Ohio

Properties

Portfolio Map

Recent Acquisitions

Knoxville, Iowa

Knoxville, Iowa

Veterans Affairs Outpatient Clinic

Size: 16,731 RSF
100% leased to the United States of America

San Antonio, Texas

San Antonio, Texas

Immigration and Customs Enforcement (“ICE”)

Size: 38,756 RSF
100% leased to the United States of America

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

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

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

Johnson City, Tennessee

Federal Bureau of Investigation

Investment features:

  • Built-to-suit Department of Justice (DOJ) 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