| PRICE : | $16,974,000 |
|---|---|
| CAP RATE: | 8.25% |
| PROPERTY TYPE: | Office |
| SITE SIZE: | 21.50 Acres |
| BUILDING SIZE: | 112,000 SF |
Highlights
- • The 2023 budget for the GVRA is $189,797,754. Of this, $70,300,638 is for Disability Determination
- • Disability Determination is federally funded
- • 100% building usage by the tenant as of April 2023
- • Favorable lease structure (Lease exp: 6/30/2030)
- • Well-located with great access to I-285 & I-75
- • Annual rent escalations: ~ 2.4%
- • State of Georgia has occupied the location since 2000
- • Tenant pays all operating expenses above base year stop
Description
Opportunity to acquire a ±112,000 SF, single tenant investment property with state of Georgia credit. The mission critical campus houses the State of Georgia Vocational Rehabilitation (GVRA) - Social Security Disability Determination headquarters on ±21.5 acres. The state of Georgia has been occupying this location since 2000. The lease is a favorable state of Georgia lease with over 7 years of the lease term remaining. The tenant pays above the 2015 base-year expense stop of $8.48/SF.
The property is well located in Stone Mountain, Georgia within 1/2 mile of Interstate 285. Convenient amenities include Stone Mountain Park and many restaurants and hotels along nearby Lawrenceville Hwy. Stone Mountain is served by Atlanta’s MARTA (Metropolitan Atlanta Rapid Transit Authority) bus service which has a stop at the subject property. Various government entities are housed in the immediate area including multiple Dekalb County agencies, The Department of Public Works, The Department of Administration Services, City Hall and the Municipal Court.
