SSA BRANCH OFFICE

Tenant

Social Security Administration

Location

National City, CA

Price

Unstated

CAP Rate

Unstated

Lease Term

13 Years Remaining

Occupancy

100%

Building Size

12,094 SQ FT

Property Type

Office

Year Built

2014

Lot Size

.92 Acres

Status

Sold

PROCURED PRIVATE 1031 EXCHANGE BUYER

SOLD AT AGGRESSIVE CAP RATE – NO FINANCING

RARE FEDERAL GOVT OFFERING IN SOUTHERN CA

SINGLE-TENANT PROPERTY WITH Aaa CREDIT

2014 RENOVATION-TO-SUIT FOR SSA

RELOCATION OF EXISTING SSA BRANCH OFFICE

DENSE, INFILL SUBMARKET

The National City Social Security Administration (SSA) Branch Office is a new 12,094 square foot office facility that is located in a dense, infill area within the San Diego MSA, presenting a rare opportunity to acquire a newly constructed asset with a long-term lease to an investment grade tenant.

This building was completely redeveloped in 2014 as a renovation-to-suit construction project for SSA, using three walls of an existing structure as part of a comprehensive rebuilding of the entire property that rendered almost every element of this asset brand new. The site was selected by GSA after many years of searching for a new location for the National City SSA branch office, allowing SSA to upgrade to a facility that meets current federal security standards and provides single-tenant occupancy. Relocating this SSA office was exceptionally difficult, as National City is very dense, with small lot sizes and effectively no undeveloped land available, creating high barriers to entry for a space of this size and that meets the required amount of on-site parking that is also within the designated distance from public transportation that the GSA mandates.