U.S. Probation Office
13,430 SQ FT
LONG-TERM FEDERAL GOVERNMENT LEASE
New 10-Year lease term with U.S. Federal Government
Aaa CREDIT TENANCY
Lease guaranteed by the United States of America – Aaa credit rating
from Moody’s Investor Services
Build-to-suit for U.S. Probation in 2017 according to strict federal specifications
Western District Office for U.S. Probation, supervising federal probation in 11 counties and pretrial coverage in 18 counties within North Carolina
DOWNTOWN ASHEVILLE LOCATION
Located in downtown district of Asheville, MSA exceeding 425,000
CLOSE PROXIMITY TO FEDERAL COURTHOUSE
Situated 1 mile from U.S. District Court, providing convenient access between the two facilities
The U.S. Probation Office, Western District of North Carolina is a single-tenant, 13,430 square foot facility that was built-to-suit according to strict Federal Government specifications, with completion in October 2017.
Located in downtown Asheville, North Carolina, this facility is mission critical to the tenant, supervising federal probation in 11 counties and pretrial coverage in 18 counties within North Carolina.
The property is leased to the General Services Administration (GSA) for a new 10-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%.
The subject property benefits from an excellent location in downtown Asheville, adjacent to Starbucks and situated in close proximity to other major retailers including Whole Foods, Trader Joe’s, Asheville Brewing Company, and many others. The site is approximately 1 mile from the U.S. Federal Courthouse, providing convenient access between the two facilities. This facility is the only property which met the tenant’s requirements within the designated search area for the new U.S. Probation office, which demonstrates the irreplaceability of this asset.
Asheville is a highly regarded city in the Blue Ridge Mountains of Western North Carolina, and the principal city of the Asheville MSA, with a population exceeding 425,000. Known for a vibrant arts scene and historic architecture, the city was incorporated in 1797 and has received a variety of national accolades and rankings recognizing Asheville’s quality of life, ideal business environment, status as a top travel destination and retirement city, and other attributes.