Closed Transaction: VA Outpatient Clinic


GOVT Real Estate Group Closes U.S. Department of Veterans Affairs Outpatient Clinic in Davenport, Iowa

San Diego, California | April 9th, 2024 – The GOVT Real Estate Group announced today the recent sale of an essential, 33,506 square-foot facility in Davenport, Iowa that is leased on a long-term basis to the U.S. Department of Veterans Affairs.

The subject property is an expansion and relocation of existing VA services within the Quad Cities market area, providing a 200% increase in facility size versus the prior location. Tenant improvements paid by VA at occupancy exceeded $4.9 million ($174 per foot), demonstrating the tenant’s significant investment in the new clinic.

VA occupies 28,145 rentable square feet within the 33,506 total square feet of the subject property, equating to 84% occupancy, with 5,361 square feet of vacant space providing future upside potential in the event of VA expansion. The Davenport VA Outpatient Clinic benefits from a central location within four miles of downtown Davenport and is positioned near Interstate 280, Interstate 80, and Interstate 74. Davenport’s recent economic development includes the River Renaissance, a $113.5 million public and private sector investment to revitalize the nine-mile downtown riverfront area.

The property was acquired by an institutional fund which focuses on government property acquisitions and was sold on behalf of a development firm based in North Carolina.


Government Real Estate Group

GOVT Real Estate Group is the national market leader in government property sales and investor services, with transaction volume exceeding $7 billion and closings in 45 states. Founded in 2005, GOVT Real Estate Group provides highly skilled client representation via unmatched expertise and experience, and a network of influential relationships with institutional and private capital sources that is global in reach. Through the power of specialization, GOVT Real Estate Group maximizes value and optimizes results on every assignment.

GOVT Real Estate Group’s transaction experience includes facilities occupied by all active government departments and agencies, including FBI, DEA, IRS, FEMA, FDA, ATF, OSHA, Veterans Affairs, Secret Service, Homeland Security, Immigration and Customs Enforcement, Citizenship and Immigration Services, Social Security, U.S. Attorneys, U.S. Courts, Customs and Border Protection, Air Force, Department of Defense, Army Corps of Engineers, Defense Health Agency, Health Resources and Services, Department of Interior, Forest Service, Bureau of Land Management, Fish & Wildlife, Geological Survey, Environmental Protection Agency, Department of Energy, Military Entrance Processing Command, Department of Agriculture, and National Parks Service.