8.75% Cap Government Anchored Office Towers

200 S Lamar St, Jackson, MS, 39201

Description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller to present the opportunity to acquire City Centre; an impressive Class-A two-tower office park located in the heart of downtown Jackson, MS. The 10 story North Tower is comprised of 128,500 SF sitting on 0.58 acres, while the 12 story South tower is comprised of 137,500 SF on 0.4 acres. The anchor tenant, Mississippi Department of Human Services, occupies 69% of City Centre. The lease was renewed in 2019 on a 20-year lease, with 14 years remaining and carries an AA S&P Credit Rating. MDHS has since expanded and now occupies 3 floors of the North tower and all 12 floors of the South tower. New Ownership will have the opportunity to increase the NOI by managing the property more efficiently, therefore, reducing the operating expenses.

...

Attributes

Asking price

PLN 26,087,000

Cap rate

8.75%

Building class

WALT

13.3 years

Number of buildings

Building area net

24,798 m²

Year built

1987

Media

Investment Highlights

Two Class A Office Towers with institutional-quality construction
Primary Tenant: Anchored by Mississippi Department of Human Services (MDHS) | AA S&P Credit
Long Term Security: 14+ years remaining on lease through 2039
Built-in Growth: 6.67% rental escalations every 5 years
Secondary U.S. Government Tenant: U.S. Federal Public Defender (AA+ S&P Credit) occupying 6.7% through 2028
Strong Credit Profile: 13.3-year weighted average lease term (WALT)