Colliers Selected to Market 16-Property GSA Portfolio
By PR Newswire
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Colliers International announced that it has been selected to market a 273,000-square-foot, 16-property office portfolio that is fully leased to federal agencies through the Government Services Administration (GSA). GSAXCHANGE, a group within the Colliers Government Solutions team, and Raymond James Financial will market the portfolio on behalf of owner West Second Street Associates (WSSA).
The properties are occupied by a number of GSA tenants including the Social Security Administration (SSA), Internal Revenue Service (IRS), Immigration and Customs Enforcements (ICE), Department of Veterans Affairs (VA), and Customs and Border Protection (CBP). GSAXCHANGE is an investment sales and capital markets platform focused solely on the government-leased asset marketplace. Colin Cavill and Bob Cottle, both GSAXGHANGE team members based in Atlanta, and Darrin Kennedy, based in Los Angeles, will lead the marketing efforts for the portfolio.
“WSSA selected Colliers Government Solutions because of the deep federal-sector knowledge we provide, enabling us to better market the positive attributes of this portfolio” said Kurt Stout, executive vice president, Government Solutions at Colliers International. “We are thrilled to have this opportunity to represent such a large portfolio of GSA properties, and look forward to expanding our presence in several strong markets.”
The office portfolio includes properties in Michigan, Ohio, Florida, Texas, Colorado and Minnesota. The properties range in size from 6,000 to 40,000 square feet, and have an estimated combined value of $118 million. The portfolio includes both new construction and pre-existing space, with the oldest property completed in 2006. The remaining average lease term is 10 years.
“We expect these single-tenant properties to attract a great deal of interest from a wide variety of investors,” said Cavill, managing director of Colliers International’s GSAXCHANGE. “Investor interest in GSA-leased buildings is on the rise due to the stellar credit, long average lease terms and high renewal rates of U.S. Government tenants. These GSA properties provide a steady income stream and consistent yields.”
Colliers Government Solutions is the industry’s only comprehensive services platform focused solely on government real estate. Its professionals span multiple disciplines but work as a team to provide clients with solutions tailored to the unique and often complex requirements of government-leased properties. The platform consists of six services specifically focused on government real estate: leasing, investment sales, finance, property management, appraisal and tax appeal.