Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Social Security Administration office located at 9394 Three Rivers Road in Gulfport, Mississippi. The 19,440-square-foot building was purchased for approximately $4.0 million by a private equity group. Stan Johnson Company’s Brian Corriston represented the seller, a developer located in the Southeast.
“With a long lease term in place, government-leased assets continue to trade at strong cap rates,” said Corriston, Director in Stan Johnson Company’s Houston, Texas office. “Representing a developer client, we worked with an experienced private equity group to ensure a smooth and successful transaction.”
The mission-critical facility was built in 2003 and is one of 164 Office of Hearing Operations (OHO) offices nationwide. It is located less than one mile south of Interstate 10 and is situated on 1.75 acres. At the time of sale, there were approximately nine years of firm term remaining on the lease.