2575 Interstate Dr - Office FOR SALE


Harrisburg, PA 17110- East Shore/Central
$30,015,000 USD
859-907-2006
2575 Interstate Dr, Harrisburg, PA for Sale
$30,015,000 USD
Office - FOR SALE
1/5
null | 8% Cap Rate

2575 Interstate Dr
Harrisburg, PA 17110
East Shore/Central


HIGHLIGHTS

  • Investment Grade Credit of Pennsylvania (Moody’s Aa3)
  • 7.4 Years of Lease Term Remaining
  • $47.6B State Budget in 2024
  • Modified Net Lease
  • Mission Critical Research & Development Laboratory Space
  • 10 Gamma Detectors, 4 Mobile Labs, Nuclear Power Plant Monitoring

OVERVIEW

The Ficke Team of Colliers is pleased to present to qualified investors the opportunity to purchase the Commonwealth of Pennsylvania Department of Environmental Protection (DEP) Bureau of Laboratories Headquarters located at 2575 Interstate Drive in Harrisburg, PA. Originally built in 1997 and fully renovated to suit in 2007, the DEP operates their Bureau of Laboratories Headquarters from this location. The subject property is 100% leased on a long-term lease through December 31st, 2031 and is fully guaranteed by the Commonwealth of Pennsylvania (Moody’s Aa3) with a 7.4-year lease term remaining. Investors will benefit from the long-term cash flow secured by this mission-critical state agency with operating expense reimbursement offered by the attractive modified net lease structure. An assumable loan is available and provides qualified borrowers a below-market interest rate of 5.97% with a current loan balance of approximately $17MM and maturity date of December 15th 2031. Supplemental income is available through the electricity profit sharing and demand response agreements in place with Grid Power Direct and NuEnergen. The Bureau of Laboratories mission is to protect deliver timely, accurate analytical information in support of Pennsylvania’s environmental protection programs and to help assure the quality of statewide laboratory services through laboratory accreditation and improvement activities. This location is the primary lab for state testing, providing a higher barrier to relocation. The Bureau provides a variety of services including testing of inorganic, organic, bacteriological, and radioactive substances present in air, drinking water, non-potable water, and solid environmental samples.

FOR SALE DETAILS

PRICE

$30,015,000 USD

PRICE/SF

$274 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

PA DEP Bureau of Laboratories

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1997

SPRINKLERS

-

PARKING SPACES

516

LAND DETAILS

LAND ACRES

4.23 AC

LAND SF

184,259 SF

ZONING

IG, Township

APN/PARCEL ID

62-021-138

ASK ABOUT THIS PROPERTY

Geoff FickeColliersMore Info
859-907-2006

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Geoff FickeColliersMore Info
859-907-2006

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.