SINGLE-TENANT FEDERAL GOVERNMENT HEALTHCARE FACILITY
Single-tenant facility leased to the U.S. Federal Government, guaranteed by the full faith and credit of the United States of America, providing exceptional income durability and credit quality

NEW 15-YEAR FIRM LEASE TERM
First-generation lease with U.S. Department of Veterans Affairs commenced in 2024 for a new 15-year firm, non-cancellable term, providing a rare federal lease structure with zero termination rights

NEW CONSTRUCTION / 2024 REDEVELOPMENT
Comprehensive redevelopment-to-suit for VA, with completion in 2024 following the comprehensive renovation of an existing building shell; state-of-the-art VA healthcare facility, delivering optimized and coordinated patient care services via the VA’s Patient Aligned Care Team (PACT) model

VA CLINIC EXPANSION & RELOCATION
The new VA Outpatient Clinic in Visalia expanded and relocated healthcare services for over 14,000 area Veterans, replacing a legacy 7,000 square foot VA Clinic in nearby Tulare with a new, long-term facility; the new VA-leased premises consists of 25,000 rentable square feet, which is being expanded by an additional 6,827 square feet of first-floor space within the existing building to achieve 100% building occupancy of 31,827 square feet

ESSENTIAL VA MEDICAL SERVICES
Visalia VA Outpatient Clinic delivers essential medical services via 17 primary care exam rooms, pharmacy, laboratory, and specialty clinics providing x-ray imaging and radiographic ultrasound, audiology, optometry, podiatry, prosthetics, mental health care, eligibility services, VA ID card processing, and telehealth capabilities

$11.8 MILLION IN TENANT-FUNDED IMPROVEMENTS ($473/SQ FT)
Tenant-funded improvements in excess of $11.8 million ($473 per square foot) plus additional improvements for the space expansion project evidences the significant investment in this location by VA and creates an asset basis that is below both current and future replacement costs, in a market area with high barriers to entry and competition

EXCEPTIONAL SUBMARKET FUNDAMENTALS
Located in downtown Visalia, within the Central Valley of California, featuring strong demographics related to Veteran populations and healthcare service needs; the Visalia market area benefits from exceptional tenant and occupier demand, with a current office vacancy rate of only 3.6% and a retail vacancy rate of only 2% per CoStar Analytics