Bureau of Land Management
Central Utah | AA+ Rated Single-Tenant GSA Opportunity | Recent 5-Year Firm Extension | 8% Cap Rate
Marketing description
This investment opportunity is a fee simple interest in the Bureau of Land Management (BLM) property located at 150 East 900 North, Richfield, Utah (the "Property"). The Property consists of a 100% leased, single-tenant, one-story, two-building 18,725-net-rentable-square-foot office/warehouse facility. The buildings were constructed in 1976 as a build-to-suit for the BLM, and the lease was just renewed for another five-year firm term at the Property (commencing June 1, 2025). The Property is a mission-critical facility situated on an ample 1.73 acres that are adjacent to, and enjoy ongoing synergy with, the federal forest fire station, and, immediately across the street, the U.S. Forest Service facility.
Investment highlights
Build-to-Suit / Long-Term Stability / Commitment to This Location
This location was built specifically for the Bureau of Land Management in 1976. They have been operating at this site for over 48 Years, having renewed multiple times. The agency recently indicated its commitment to this Property by executing a five-year firm term lease.
United States Government / AA+ Credit
The Property is leased to the United States Government, through the GSA, operating as the Bureau of Land Management (BLM). The U.S. Government carries an investment-grade credit rating of AA+ by Standard & Poor's and Aa1 by Moody's.
Mission-Critical Facility
The Richfield Field Office is one of four locations managed within the Color Country District located in Central Utah. It covers five counties - Sanpete, Sevier, Piute, Wayne and Garfield. Additionally, the Color Country District Office manages one of the largest, if not the largest, landscape restoration programs in the United States, proactively treating approximately 40,000 acres of public land annually.
Synergistic Adjacent GSA Properties
The Property sits adjacent to GSA's Richfield Interagency Fire Station, and the Department of Agriculture, U.S. Forest Service property is across the street, with an additional 3.8 acres under contract to purchase for its operations.
Well-Maintained Property
The Property has been updated numerous times during BLM's occupancy, including a new metal roof in 2016, updated LED lighting, installation of fiber optics, consistent maintenance of the parking lot, paint and carpet throughout. Please refer to the Capital Improvements section of the OM for more details.
Low Rents
The recent five-year firm term lease extension is at a very manageable $14.88 per rentable square foot.
Richfield, Utah — Central Utah's De Facto Regional Capital
The county seat in Sevier County, Richfield is the largest city for more than a hundred miles in any direction. It is the primary hub for exploring Central Utah's outdoor recreation for residents and visitors.
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