U.S. BANKRUPTCY COURT

Tenant

U.S. Bankruptcy Court - Northern Indiana District

Location

South Bend, IN

Price

Unstated

CAP Rate

Unstated

Lease Term

15 Years

Occupancy

100%

Building Size

30,119 SQ FT

Property Type

Office

Year Built

2011

Lot Size

1.54 Acres

Status

Sold

Property Contacts:

Travis Trautvetter

Vice Chairman

858 558 5609 | Email

Jake Trautvetter

Capital Markets

858 558 5624 | Email

Melissa Carson

Senior Brokerage Coordinator

858 334 4032 | Email

RARE U.S. FEDERAL COURTHOUSE OFFERING
Exceptionally rare opportunity to acquire a U.S. Courthouse facility

SINGLE-TENANT PROPERTY WITH Aaa CREDIT
100% leased to the U.S. Federal Government, which features an Aaa credit rating from Moody’s Investor Services

LONG-TERM LEASE
Long-term lease with 10.5 years remaining

BUILD-TO-SUIT FACILITY
This U.S. Bankruptcy Court was built-to-suit for the tenant in 1996, with extensive renovations in 2011

DOWNTOWN SOUTH BEND LOCATION
Property is well-located in downtown South Bend nearby other government tenants including St. Joseph County Courthouse, St. Joseph County Library, Social Security Administration, U.S. Post Office, South Bend Building Department, Bureau of Motor Vehicles, IRS, Robert Grant Federal Building, St. Joseph County Health Department, and others

The United States Bankruptcy Court – Northern District of Indiana location in South Bend, Indiana is a single-tenant, 30,119 square foot facility serving the counties of Cass, Elkhart, Kosciusko, LaPorte, Marshall, Miami, St. Joseph, Stark, and Wabash.

This offering presents a rare opportunity to acquire a U.S. Courthouse, which are highly sought-after assets due to the long-term nature of the government’s occupancy within these specific types of facilities. Exceptionally high construction costs, specialized improvements, and other factors make courthouses extremely difficult to replace, which enhances the value of these properties.

The property is leased for a 15-year term via the General Services Administration (GSA), with approximately 10.5 years currently remaining. The lease 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%.

This site is well-located in downtown South Bend, situated between the major thoroughfares of S. Main Street and S. Michigan Street. Other government tenants within a few blocks of the subject property include St. Joseph County Courthouse, St. Joseph County Library, Social Security Administration, U.S. Post Office, South Bend Building Department, Bureau of Motor Vehicles, IRS, Robert Grant Federal Building, St. Joseph County Health Department, and others.