ICE OFFICE

Price

Unstated

NOI

$376,295

Building Size

20,500 SQ FT

Tenant

U.S. Department of Homeland Security

Occupancy

100%

Property Type

Office

Year Built

2016

Lot Size

2.18 Acres

Status

Sold

Lease Term

15 Years

Property Contacts:

Travis Trautvetter

Vice Chairman

858 558 5609 | Email

Jake Trautvetter

Capital Markets

858 558 5624 | Email

LONG-TERM FEDERAL GOVT LEASE
Property is leased to U.S. Federal Government for a new 15-year term

Aaa CREDIT TENANCY
Lease is guaranteed by the United States of America, which has a credit rating of Aaa from Moody’s Investor Services

BUILD-TO-SUIT CONSTRUCTION
Built-to-suit for ICE in 2016 according to strict federal specifications

MISSION-CRITICAL FACILITY FOR HOMELAND SECURITY
Enforcement and Removal Operations is responsible for identifying, arresting, and removing individuals that are a risk to national security or public safety

HIGH-SECURITY, SPECIALIZED BUILDING
Highly secure federal law enforcement facility with specialized features including sallyport and detention area

MAJOR MARKET LOCATION
San Antonio is the 7th largest city in the United States

CLOSE PROXIMITY TO INTERNATIONAL AIRPORT
Situated in close proximity to San Antonio International Airport

The U.S. Department of Homeland Security, Immigration and Customs Enforcement – Enforcement and Removal Operations (ICE – ERO) facility in San Antonio, Texas is a single-tenant, 20,500 square foot facility that was built-to-suit for the tenant, with completion in December 2016.

This facility benefits from a central, convenient location in immediate proximity to San Antonio International Airport, and houses Enforcement and Removal Operations, the division of ICE that is charged with the mission of identifying, arresting, and removing individuals that are a risk to national security or public safety.

The property is leased via the General Services Administration (GSA) for a new 15-year term, and is guaranteed by the United States of America, which has a credit rating of Aaa from Moody’s Investor Services. The GSA has a long-standing reputation as a tenant with one of the highest possible renewal probabilities in the commercial real estate industry. Historical data published by the GSA regarding their portfolio of over 8,000 leases nationwide reflects a retention rate which typically exceeds 95%.

San Antonio is the 7th largest city in the United States, and was the fastest growing of the top 10 U.S. cities from 2000 to 2010. The city has a population of over 1.4 million, and is the second largest city in the state of Texas.

The offering of the San Antonio ICE- ERO facility presents a rare opportunity to acquire a newly-constructed asset located in a major market and that is leased on a long-term basis to a federal government tenant agency that is absolutely essential to the mission of Homeland Security. Properties housing federal law enforcement agencies such as ICE consistently experience strong investor demand due to the specialized and high-security nature of these facilities, which create a scenario with a captive tenant and high barriers to replication as a result of the significant costs of construction and unique build-out.