- Details
- Investment Highlights
- Description
Tenant
U.S. Department of Veterans Affairs
Location
Sault Ste. Marie, MI
Price
Unstated
CAP Rate
Unstated
NOI
Unstated
Lease Term
9.5 Years Remaining
Occupancy
100%
Building Size
6,905 SQ FT
Property Type
Office
Year Built
2023 Redevelopment
Lot Size
1.8 Acres
Status
Avaliable
Property Contacts:
U.S. GOVERNMENT CREDIT
100% leased to the U.S. Federal Government, guaranteed by the full faith and credit of the United States of America, featuring an Aaa credit rating and unrivaled income security
NEW, FIRST-GENERATION LEASE
First-generation lease with the U.S. Department of Veterans Affairs for a new 10-year firm lease term
2023 CONSTRUCTION
Redevelopment-to-suit completed in 2023; renovation of an existing building shell plus 2,000 square feet of additional new construction, designed and built according to tenant-specific requirements to deliver a state-of-the-art healthcare facility for VA
SIGNIFICANT TENANT INVESTMENT
Veterans Affairs invested significant funds into the facility, with a lump sum Tenant Improvement payment at project completion totaling $1.766 million ($256 per square foot)
VA CLINIC EXPANSION & RELOCATION
The new Sault Saint Marie VA Clinic relocates and expands the existing Veterans Affairs services within this area, providing improved services and facilities for over 1,400 Veteran patients