United States Courts
11 Years Remaining
46,044 SQ FT
FEDERAL GOVERNMENT CREDIT
100% leased to the U.S. Federal Government, guaranteed by the credit of the United States of America (Moody’s Aaa rating)
RARE U.S. COURTHOUSE OFFERING
Exceptionally rare opportunity to acquire a U.S. Courthouse building, one of the most specialized facility types within the GSA’s portfolio of leased properties with the highest levels of renewal probability
11 years remaining on lease term, which was renewed in 2015, demonstrating tenant’s ongoing commitment
ESSENTIAL FACILITY FOR U.S. COURTS
Mission-critical U.S. Courts building, housing the Southern Division of the Western District of Missouri
Built-to-suit for the tenant in 1988, with extensive renovations in 2018 with approximately $1.15 million in new tenant improvements and building security
Situated in downtown Springfield, Missouri, in immediate proximity to other government facilities and major local attractions
The United States Courthouse Southern Division of the Western District of Missouri is a single-tenant, 46,044 square foot facility located in downtown Springfield which is 100% leased to the U.S. Federal Government.
This U.S. Courthouse houses the U.S. District Court and U.S. Probation & Pretrial Services Office, with jurisdiction over 16 counties in Missouri, encompassing Cedar, Christian, Dade, Dallas, Douglas, Greene, Howell, Laclede, Oregon, Ozark, Polk, Pulaski, Taney, Texas, Webster, and Wright counties.
This offering presents a rare opportunity to acquire a U.S. Courthouse, which are highly sought-after due to the highly specialized nature of the improvements and exceptionally expensive replacement costs, resulting in one of the longest expected occupancy periods of any government tenant. This facility was built-to-suit for U.S. Courts in 1988, and underwent extensive renovations in 2018 with approximately $1.15 million in new tenant improvements and building security.
The U.S. Courthouse in Springfield received a new lease in 2015 for a 15-year term via the U.S. General Services Administration (GSA), leaving 11 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%.
Situated in downtown Springfield, this asset benefits from a central location, surrounded by other government facilities and local attractions including the Missouri Court of Appeals, Springfield Chamber of Commerce, Missouri State University Kentwood, Springfield Convention Center, Springfield Expo, and the stadium for the Springfield Cardinals, which is the Double-A affiliate of the St. Louis Cardinals major league baseball club.