USDA Field Office_Property for Sale
USDA Field Office_Property for Sale
706 8th Ave SE, Devils Lake, ND, 58301, US

USDA Field Office

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in USDA (the “Property”) located at 706 8th Ave SE in Devils Lake, ND. The 12,025 SF building sits on 1.26 acres and is 100% leased to the United States Government, doing business as the U.S. Department of Agriculture (USDA). The tenant has been in-place since 2006 and signed an extension in January of 2024, leaving nearly 3 years of term remaining on their current lease.


The site is located just off of US-2, the primary east-west thoroughfare serving Devils Lake, and is also less than half-a-mile from ND-20, the primary north-south thoroughfare serving the city. In addition to its proximity to major roadways, the site also benefits from being just a mile from the largest traffic-driver in the city, Walmart. Walmart recently spent over $500 million upgrading 117 of its stores, including the store in Devils Lake. The Devil's Lake market is supported by a variety of industries including agriculture, energy, and tourism. The Devils Lake Regional Airport also allows for easy access to the city. The strength of the Devils Lake submarket attracts business and consumers alike, exemplified by its positive population growth rate.

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Attributes

Asking price
€1,832,000
Cap rate
8.5%
Building area net
1,117 m²
Occupancy
100%
Year built
1990
WAULT
2.8 years

Media

Investment Highlights

Sticky Tenant with United States Government Credit

- The lease is backed directly by the United States federal government, virtually eliminating any credit risk

- Doing business as the United States Department of Agriculture (USDA), the tenant has been under lease at this location for 18 years and has signed several renewals during that period, including the most recent extension in January 2024


Fresh Investment into Devils Lake from Walmart

- Walmart recently spent over $500 million upgrading 117 of its stores, including the store in Devils Lake

- Walmart is located just a mile from the subject property, signaling the viability of the Devils Lake market


Proximity to Major Roadways

- The site is ideally situated just off of US-2, the primary east-west roadway serving Devils Lake

- The site is also just half a mile from ND-20, the primary north-south roadway serving the city


Strong Rural Market

- Devils Lake has a regional airport with flights through United Airlines and is supported by a variety of industries including agriculture, energy, and tourism

- The city of Devils Lake experienced positive population growth between 2010 and 2020, per the 2020 Census

USDA Field Office 4_Property for Sale
USDA Field Office 4_Property for Sale

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USDA Field Office (0 Properties)

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Last updated
16 May 2024