FLINT, MICH. — West Second Street Associates has selected Colliers International to market a 16-property office portfolio fully leased to federal agencies in six states. West Second is a Flint, Mich.-based limited liability company that specializes in real estate development and long-term management of high-quality General Services Administration (GSA) buildings.
The portfolio has a combined value of $118 million.
The properties total 273,000 square feet and are located in Florida, Ohio, Michigan, Texas, Colorado and Minnesota.
A number of GSA tenants occupy the facilities, including the Social Security Administration, Internal Revenue Service, Immigration and Customs Enforcements, Department of Veteran Affairs and Customs and Border Protection. The average remaining lease term is 10 years.
Colin Cavill and Bob Cottle of GSAXCHANGE, a group within the Colliers Government Solutions team, and Raymond James Financial will market the portfolio on behalf of the owner.
“We expect these single-tenant properties to attract a great deal of interest from a wide variety of investors,” says Cavill. “Investor interest in GSA-leased buildings is on the rise due to the stellar credit, long average lease terms and high renewal rates of U.S. government tenants.”
Cavill adds the 16 properties “provide a steady income stream and consistent yields.”
The properties range in size from 6,000 to 40,000 square feet, and include both new construction and pre-existing space. The oldest property was completed in 2006.
The portfolio includes:
- 7350 W. Eastman in Lakewood, Colo.
- 2528 Malcolm X Blvd. in Dallas
- 1013 Business Park Drive in Mission, Texas
- 312 Highway 11 E. in International Falls, Minn.
- 15250 E. 12 Mile Road in Roseville, Mich.
- 228 Magazine St. in Sault Ste. Marie, Mich.
- 2938 Hanson St. in West Branch, Mich.
- 7517 Lorain Ave. in Cleveland, Ohio
- 3791 Research Park Drive in Ann Arbor, Mich.
- 140 N. Crooks Road in Clawson, Mich.
- 1149 R.T. Longway Blvd. in Flint, Mich.
- 2620 Krafft Road in Ft. Gratiot, Mich.
- 17513 Detroit Ave. in Lakewood, Ohio
- 252 Venture Place in Lancaster, Ohio
- 1530 Commonwealth Business Drive in Tallahassee, Fla.
- 1700-1800 7th Ave. in Dania Beach, Fla.
— Liz Burlingame