SARASOTA, Fla., Aug. 01, 2018 (GLOBE NEWSWIRE) — HC Government Realty Trust, Inc. (“HCGRT” or “the Company”), today announced that it has recently completed the acquisition of a VA Outpatient Clinic in Knoxville, Iowa.
The Knoxville facility is a 16,731square foot, single-tenant medical office building which was developed to meet the specific requirements of the U.S. Department of Veterans Affairs (VA). The property is located at 1607 North Lincoln Street, Knoxville, Iowa and is 100% leased under a 15-year commitment ending in January 2032. The gross acquisition cost of the property was approximately $7.2 million and the selling broker was Cushman & Wakefield. The lease is backed by the full faith and credit of the United States of America.
“This acquisition marks the first Veterans Affairs tenanted property in our diverse portfolio of single-tenant federal government leased properties,” said Ed Stanton, chief executive officer of HC Government Realty Trust and Holmwood Capital Advisors. “Additionally, this property replaces, in-part, the services the previous VA facility had offered for nearly 100 years to the surrounding community.”
The Company’s strategy is to acquire and operate built-to-suit properties leased to the United States of America that fulfill mission-critical or direct citizen service functions primarily located across secondary or smaller markets. The Company’s real estate portfolio currently includes 14 properties representing approximately 281,000 RSF and houses tenants including the CIS, FBI, SSA, DEA, ICE and Customs and Border Protection, among others.
For more information, please visit our corporate website at www.hcgovtrust.com.
About this Press Release
This press release is neither an offer to sell, nor a solicitation of an offer to buy, any securities of the Company, including without limitation the common stock. Any such offer is made exclusively through the Company’s final offering circular dated November 7, 2016, as the same may be amended or supplemented (the “Final Offering Circular”). The Final Offering Circular, as supplemented, is available at:
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