Property Listing No Longer Available for Sale

3101 Elks Drive, McAlestser, OK

Office for Sale - 8,976 Sq. Ft.


Property Info

CIMLS#763025
Location
  3101 Elks Drive
  McAlestser OK 74501
UpdatedApril 2nd, 2015
TypeOffice
PriceUpon Request
Building8,976 Sq. Ft.

Property Description

Sperry Van Ness is pleased to offer for sale a portfolio of five single tenant office properties leased to the GSA as USDA field offices. The properties were built for the USDA between 2012 and 2013 to high standards qualifying for Energy Star designation. The two largest properties, with Energy Star of scores of 99 out of 100, rank nationally at the top.

Each lease is for 5 years with fixed rent for years 1 through 5, and upon renewal, adjusts once to a fixed rent for years 6 through 10. The leases are full service with the landlord providing utilities, janitorial, grounds, maintenance and repairs. The landlord is entitled to increases in operating expenses calculated using a cost of living adjustment, plus increases in property taxes over a base year.

The GSA may terminate the leases with 90 to 120 days notice. Even with the termination right, 96% of GSA leases roll over from year to year for single tenant build to suit properties such as this portfolio, and the average GSA length of tenancy is 32.3 years, according to the GSA's own research.

Location Description:

Located 90 miles south of Tulsa and 120 miles southeast of Oklahoma City, McAlester is the seat of Pittsburgh County with a population of 45,000.

Highlights:

>> 5 building single tenant GSA offices

>> 32.3 years average length of GSA tenancy

>> 96% lease rollover rate on GSA single tenant BTS

>> New construction - 99 Energy Star score

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Financials

Sales Info:

>> Commision split: 4.0%