Stevens Center Business Park Office FOR SALE


Richland, WA
$52,750,000 USD
832-368-0374
, Richland, WA for Sale
$52,750,000 USD
Office - FOR SALE
1/6
null | 10.47% Cap Rate

Stevens Center Business Park
Richland, WA


HIGHLIGHTS

  • SIX BUILDING OFFICE PORTFOLIO / U.S. GOVERNMENT ANCHORED
  • LONG-TERM TENANTS / STRONG WALT
  • RECENT RENOVATIONS
  • MANAGEABLE RENTS / PRICING / POTENTIAL UPSIDE
  • HANFORD NUCLEAR RESERVATION AND HANFORD WASTE TREATMENT PLANT
  • ADDITIONAL LAND / POTENTIAL TO FURTHER INCREASE VALUE

OVERVIEW

Northmarq, in connection with Federal National Finance Corporation, is pleased to offer for sale to qualified investors the opportunity to acquire a 6 building office portfolio located in the Stevens Center Business Park in Richland, Washington (the "Property"). The Property is 95.1% leased to 6 companies, including the United States Government operating as the U.S. Department of Energy ("DOE") who has been a tenant here since 2012. The U.S. Government carries an investment-grade credit rating of AA+ by Standard & Poor's and Aaa by Moody's. The other tenants include Battelle Memorial Institute ("BMI"), Navarro-ATL, Washington River Protection Solutions ("WRPS"), Bechtel National ("BN"), and Central Plateau Cleanup Company ("CPCC"). BMI has been a tenant in this location for almost 45 years, since 1979. WRPS has been a tenant here since 2009, BN has been a tenant here since 2011, and CPCC has been a tenant here since 2016. That's an average of over 18 Years between these tenants. They currently have a Weighted Average Lease Term remaining of just over 4.7 Years. The average occupied rent is very reasonable across the portfolio at just over $20 PSF. Market rents are estimated to be closer to $28 PSF.

ASK ABOUT THIS PROPERTY

Brian CorristonNorthmarqMore Info
832-368-0374

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Brian CorristonNorthmarqMore Info
832-368-0374

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