3500 Wabash Ave - Office FOR SALE


Springfield, IL 62711
$3,180,000 USD
859-907-2006
3500 Wabash Ave, Springfield, IL for Sale
$3,180,000 USD
Office - FOR SALE
1/1
null | 8.5% Cap Rate

3500 Wabash Ave
Springfield, IL 62711


HIGHLIGHTS

  • 4+ Years Firm Years Remaining on this 1st Generation Lease
  • United States Government Lease (AA+ S&P Credit Rating)
  • Renovation-to-suit for the GSA/USDA in 2011
  • Brand New Interior in 2023 for a $1M investment into this building
  • Mission Critical State Executive Director Office that Serves 93 Offices Located in all Illinois County Seats
  • 81 Parking Spaces

OVERVIEW

The Ficke Team of Colliers is pleased to present to qualified investors the opportunity to acquire this mission critical U.S. Department of Agriculture Illinois Farm Service Agency (FSA) located at 3500 Wabash Avenue, Springfield, IL 62711. The property underwent a major interior renovation in September of 2023 with significant investment in to the new space. This first generation leased facility provides an attractive risk-adjusted yield with a highly rated credit tenant with an S&P AA+ credit rating. The USDA firm lease term expires March 31, 2028. This Illinois FSA is the office of the State Executive Director (SED) and the State Committee Chairperson and State Committee Members that serves the 93 offices in all county seats through Illinois and are charged with the implementation of FSA Policies throughout the state of Illinois. All duties that are normally associated with administration to support the FSA workforce in Illinois are managed from this office as they provide services to farmers, ranchers, and the general population. This includes human resource support, budget, and fiscal management, contracting and purchasing, and leasing office space. The organizational structure of the Farm Service Agency is laid out by Congress and overseen by the Secretary of Agriculture. The FSA administrator reports to an undersecretary of agriculture for Farm Production and Conservation (FPAC). The national farm program and farm loan program development and oversight functions are managed in Washington, D.C. and computational and statistical work is done in Kansas City. Implementation of farm policy through FSA programs is the responsibility of state and field offices based in each state, counties, and U.S. territories.

FOR SALE DETAILS

PRICE

$3,180,000 USD

PRICE/SF

$170 USD /SF

CAP RATE

8.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

U.S. Department of Agriculture

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2011

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.51 AC

LAND SF

109,336 SF

ZONING

-

APN/PARCEL ID

21-12.0-351-026

ASK ABOUT THIS PROPERTY

Geoff FickeColliersMore Info
859-907-2006

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Geoff FickeColliersMore Info
859-907-2006

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