VA Outpatient Clinic

Tenant

U.S. Department of Veterans Affairs

Location

Davenport, Iowa

Price

Unstated

CAP Rate

Unstated

NOI

Unstated

Lease Term

16.75 Years Remaining

Occupancy

84%

Building Size

33,873 SQ FT

Property Type

Office

Year Built

2018 Renovation

Lot Size

4.49 Acres

Status

Under Contract

Property Contacts:

Travis Trautvetter

Executive Vice Chairman - Capital Markets

858 367 5105 | Email

Jake Trautvetter

Senior Director – Capital Markets

858 367 5102 | Email

Kari Fiske

Senior Brokerage Specialist

858 367 5450 | Email

Isabel Musgrove

Senior Marketing Coordinator

858 367 0929 | Email

U.S. FEDERAL GOVERNMENT CREDIT
Lease guaranteed by U.S. Federal Government, featuring an Aaa credit rating and unrivaled income security

NEW 20-YEAR LEASE TERM
First-generation lease for new 20-year term commencing in 2018, occupied by U.S. Department of Veterans Affairs

VA CLINIC RELOCATION WITH 200% SPACE INCREASE
Expansion and relocation of existing VA services within the Quad Cities market area, providing a 200% increase to facility size versus prior clinic; new facility serves nearly 10,000 veterans and offers a wide range of services including Primary Care, Nutrition, Food, and Dietary Care, Mental Health Care and Behavioral Health, Laboratory and Pathology, Radiology, Social Work, and Telehealth

2018 REDEVELOPMENT, SIGNIFICANT TENANT INVESTMENT
Comprehensive redevelopment for VA with completion in 2018, constructed according to tenant-specific requirements, with over $4.9 million in tenant improvements paid by VA at occupancy

VACANCY UPSIDE
Facility is 84% occupied by VA, with 5,728 square feet of vacant space, providing future upside potential in the event of expansion by the VA or via leasing to a secondary tenant

The U.S. Department of Veterans Affairs Outpatient Clinic in Davenport, Iowa is a first-generation healthcare facility that was comprehensively redeveloped in 2018 for Veterans Affairs (VA) and is leased for a new 20-year lease term with the VA. The lease is guaranteed by the full faith and credit of the United States of America, featuring a Moody’s Aaa credit rating and unrivaled income security.

The subject property is an expansion and relocation of existing VA services within the Quad Cities market area, providing a 200% increase to facility size versus the prior clinic location. This new VA facility serves approximately 10,000 veterans, offering a wide range of services including Primary Care, Nutrition, Food and Dietary Care, Mental Health Care and Behavioral Health, Laboratory and Pathology, Radiology, Social Work, and Telehealth. 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 33,873 total square feet of the subject property, equating to 84% occupancy, with 5,728 square feet of vacant space providing future upside in the event of VA expansion or via leasing to a secondary tenant. The property is situated within the Valley Fair Shopping Center, serving the cities of Davenport and Bettendorf in southeastern Iowa, and Rock Island, Moline, and East Moline in northwestern Illinois. The Davenport VA Outpatient Clinic benefits from a central location within four miles of downtown Davenport and is positioned in close proximity to 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.