Social Security Administration | Single-Tenant Investment | Littleton CO

8000 Southpark Lane, Littleton, CO

   SOLD!   

$3,300,000

Price

6.15%

Cap Rate

12,064 sqft

Building Size

Gallery
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Map
Overview
Cap Rate
6.15%
Building Size
12,064 sqft
Lot Area
1.25 sqft
Class
A
Tenancy
Single
Year Last Renovated
2016
Description

The subject property is a single-tenant office building, 100% leased to the General Services Administration, with the Social Security Administration as the tenant, located in Littleton, Colorado. The site is mission-critical to the SSA's operations as it services the entire southern part of the Denver MSA. Recent tenant-funded improvements to the property and an irreplaceable location, result in a high-probability of continued long-term tenancy by the SSA.

Highlights
  • BULLETPROOF CREDIT -- The lease is guaranteed by the General Services Administration (GSA), who carries a Aaa credit rating (the highest available) with a stable outlook from Moody’s. The GSA is backed by the U.S. Government which carries a credit rating of AA+ from Standard and Poor’s
  • HIGH PROBABILITY OF RENEWAL -- The GSA’s portfolio of over 8,000 leases nationwide has a historical retention rate exceeding 95%.
  • STRONG COMMITMENT TO SITE -- The property was originally a build-to-suit for the Social Security Administration in 2001. The tenant recently signed a new lease on the property and invested significant capital in renovating and upgrading the interior and building systems, exhibiting a strong long-term commitment to the site.
  • STRATEGICALLY IMPORTANT LOCATION -- This location serves an area that encompasses 947 square miles, over 465,000 people, and includes the majority of the southern part of the Denver MSA which has an anticipated population growth of double the national average. Close proximity to several major north/south and east/west transportation corridors is critical to this location being able to serve such a large market, making this an irreplaceable location for the tenant.
  • SUPERIOR SUBMARKET -- The property is situated in the SouthPark Business Park which is comprised of a strong mix of office and medical tenants that include Lockeed Martin, CenturyLink, and Novus Biologicals.
  • GREAT DEMOGRAPHICS -- Within a three-mile radius of the property, average household incomes are near $115,000 and anticipated population growth between 2017 and 2022 is 9.8%.
  • MARKET RENT -- Unlike most GSA deals, the rental rate for this property is at, or a little below, market rates
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