Mission Critical State Government Leased Single Tenant Office Investment | 8% Cap Rate | Jackson, Mississippi

Opportunity to acquire a high credit extremely sticky long term leased single tenant property. The facility was stripped down to concrete and rebuilt for the state government in 1993. In the last few years, a new ten year lease was executed, and the facility was extensively renovated including new chillers, roof and all new elevators. The Mississippi Department of Child Protection Services is a high-credit AA, mission-critical agency required to be within the Capital Complex area in Jackson, the Mississippi state capital. This facility across from the Governor’s mansion within site of the State Capitol is the only facility large enough and the only facility with enough parking in the required area. The rent at only $13.40 SF is the state’s lowest cost per sf in the state. Low occupancy cost, lack of availability of suitable properties, prohibitive replacement costs and the agency investing millions in furniture and IT, are among the reasons it’s expected the tenant will be in this facility indefinitely. This essential agency has 500 employees reporting in the building. The facility features 24/7 security by the tenant and a full cafeteria where employees can dine for breakfast and lunch at nonprofit costs.