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VA - Fed Gov AA+ Credit - 9.25 Yr. Firm Term
Gainesville, Florida
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Investment Highlights
- Brand New 14-Year Lease with Approximately 9.25 Firm Years Remaining
- U.S. Government Guarantee - "AA+" Credit Rating by Standard & Poor's
- VA Renewed & Extended their Lease 4 Years Early - Extremely Rare in this Sector
- Rare Landlord-Friendly Lease Structure
- High Barriers to any Potential Future Relocation Due to Nature of Tenant's Use
- Income Tax Free State
- Incredibly Strong Story Behind this Lease and Property
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The VA HONOR Center is located at 1604 Southeast 3rd Avenue in Gainesville, Florida. The 25,601-square foot building was fully renovated as a build-to-suit for the Department of Veterans Affairs in 2009. The property is currently encumbered by a 14-year U.S. Government Credit-backed lease (10 years firm) with approximately 9.25 firm years remaining. Veterans Administration (VA) took occupancy on January 1, 2010 under an initial 10 Year Firm Term Lease with Two - 5 Year Options. In January 2016, after 6 Years of occupancy and with 4 Years of Firm Term still remaining under their initial lease, the VA elected an early extension of their Lease to a 14 Year Term (10 Years Firm). This extremely rare "Early Extension" of the Lease by the Federal Government (VA) demonstrates the long-term importance of the subject property to the VA's mission and their commitment to ensuring the availability of high demand services to the growing number of homeless and at-risk Veterans within the North Florida VA system that are served by this one-of-a-kind facility.
Contact listing broker to learn more about the strong story behind this long-term lease.
Property Price: $8,600,000
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Marcus & Millichap
5900 N Andrews Ave.
Suite # 100
Fort Lauderdale, FL 33309
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Jason Yukins
First Vice President
954.245.3431
305.619.0804
jyukins@marcusmillichap.com
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