Social Security Administration and USDA Portfolio
Portfolio of Two Build-to-Suit Properties for U.S. Govt (S&P: AA+) | Social Security Admin and USDA
Marketing description
Northmarq Commercial is pleased to offer the opportunity to purchase a portfolio of two GSA-leased office properties that are situated one mile apart in Spencer, Iowa (the "Properties").
The office property at 1610 12th Avenue SW is a Social Security Administration field office—a 100% leased, single-tenant, one-story, 5,200-net-rentable-square-foot facility. The building was constructed in 2005 as a build-to-suit for the SSA, and substantial tenant improvements were completed in 2025 by the tenant on a15-year lease that commenced in April of 2021.
The two-tenant property located at 306 11th Street SW Plaza is a one-story, 5,768-net-rentable-square-foot property, with the U.S. Department of Agriculture (USDA) occupying 4,434 rentable square feet and All Risk Crop Insurance leasing the remaining 1,334 rentable square feet. The building was constructed as a build-tosuit for USDA in 1970, with the most recent USDA lease commencing in May 2023 for five years.
Investment highlights
Long-Term U.S. Government Lease Signed
Credit Strength
High Renewal Probability & Long-Term Tenant
Commitment to the Property
Strong Residual Value
Location
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