State of Florida Leased Investment
State Leased Building with 25+ Year Occupancy History
Marketing description
The Newmark Government Capital Markets team is pleased to present qualified investors with the opportunity to acquire a 10,759 square foot three-tenant office building that is currently 100% leased by three (3) tenants (the “Property”). The Property features a rent roll comprised of two (2) State of Florida government agencies: the Department of Corrections (“FDC”) and the Department of Juvenile Justice (“DJJ”). These two tenants occupy approximately 81% of the Property. The third tenant is a local bail bonds business who recently executed a new lease. The building features several new improvements including new luxury vinyl plank (LVP flooring throughout the space (2024), all new HVAC units (2019), new roof (2019), and new exterior paint (2024). The Property has a long history of stable occupancy with the FDC a tenant since August 1997 and the DJJ a tenant since June 2000. Both tenants have recently extended their lease terms, and the recent improvements to the Property should contribute to a continuation of stable cash flow.
Investment highlights
INVESTMENT GRADE TENANT WITH UNMATCHED STABILITY
81% of the Property’s income stream is guaranteed by the full faith and credit of the State of Florida, rated AAA (stable) by Standard and Poor’s. Additionally, these state agencies (FDC and DJJ) will require a physical office to carry out their stated missions.
TENANT DEMONSTRATED COMMITMENT TO LOCATION
Long history of occupancy at the Property with the FDC a tenant since 1997 and the DJJ a tenant since 2000. Both tenants recently extended their lease terms and significant improvements (carpet, paint, flooring) have been made to both the exterior and interior of their spaces.
TAX FRIENDLY STATE WITH BOOMING LOCAL GROWTH
The Property benefits from a location free from state income tax and sits in the path of tremendous population growth (17% in the past decade). The Property has excellent exposure on Highway 90 which features an Average Daily Traffic count of 20,400 cars.
SUBSTANTIAL CAPITAL IMPROVEMENTS MADE TO PROPERTY
The Property features several recent improvements including new luxury vinyl plank (LVP flooring throughout the space (2024 & 2026), all new HVAC units (2019), new roof (2019), and new exterior paint (2024). All of these capital improvements should help to minimize capital expenditures over the near term.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
