Stevens Center Business Park
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Stevens Center Business Park
6 Office Properties Offered at £41,319,074 in Richland, WA
Investment Highlights
- SIX BUILDING OFFICE PORTFOLIO / U.S. GOVERNMENT ANCHORED
- RECENT RENOVATIONS
- HANFORD NUCLEAR RESERVATION AND HANFORD WASTE TREATMENT PLANT
- LONG-TERM TENANTS / STRONG WALT
- MANAGEABLE RENTS / PRICING / POTENTIAL UPSIDE
- ADDITIONAL LAND / POTENTIAL TO FURTHER INCREASE VALUE
Executive Summary
Northmarq, in connection with Federal National Finance Corporation, is pleased to offer for sale to qualified investors the opportunity to acquire a 6 building office portfolio located in the Stevens Center Business Park in Richland, Washington (the "Property"). The Property is 95.1% leased to 6 companies, including the United States Government operating as the U.S. Department of Energy ("DOE") who has been a tenant here since 2012. The U.S. Government carries an investment-grade credit rating of AA+ by Standard & Poor's and Aaa by Moody's.
The other tenants include Battelle Memorial Institute ("BMI"), Navarro-ATL, Washington River Protection Solutions ("WRPS"), Bechtel National ("BN"), and Central Plateau Cleanup Company ("CPCC"). BMI has been a tenant in this location for almost 45 years, since 1979. WRPS has been a tenant here since 2009, BN has been a tenant here since 2011, and CPCC has been a tenant here since 2016. That's an average of over 18 Years between these tenants. They currently have a Weighted Average Lease Term remaining of just over 4.7 Years. The average occupied rent is very reasonable across the portfolio at just over $20 PSF. Market rents are estimated to be closer to $28 PSF.
The other tenants include Battelle Memorial Institute ("BMI"), Navarro-ATL, Washington River Protection Solutions ("WRPS"), Bechtel National ("BN"), and Central Plateau Cleanup Company ("CPCC"). BMI has been a tenant in this location for almost 45 years, since 1979. WRPS has been a tenant here since 2009, BN has been a tenant here since 2011, and CPCC has been a tenant here since 2016. That's an average of over 18 Years between these tenants. They currently have a Weighted Average Lease Term remaining of just over 4.7 Years. The average occupied rent is very reasonable across the portfolio at just over $20 PSF. Market rents are estimated to be closer to $28 PSF.
Property Facts
| Price | £41,319,074 | Number of Properties | 6 |
| Price / SF | £88.85 / SF | Individually For Sale | 0 |
| Net Initial Yield | 10.47% | Total Building Size | 465,029 SF |
| Sale Type | Investment | Total Land Area | 28.89 AC |
| Status | Active |
| Price | £41,319,074 |
| Price / SF | £88.85 / SF |
| Net Initial Yield | 10.47% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 6 |
| Individually For Sale | 0 |
| Total Building Size | 465,029 SF |
| Total Land Area | 28.89 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 2440 Stevens Center Pl, Richland, WA 99354 | Office | 99,822 SF | 1992 | - |
|
Stevens Center Business Park
2435 Stevens Center Pl, Richland, WA 99354 |
Office | 90,159 SF | 2002 | - |
| 2425 Stevens Center Pl, Richland, WA 99354 | Office | 44,198 SF | 1992 | - |
|
Stevens Center
2400 & 2410 Stevens Dr, Richland, WA 99354 |
Office | 101,414 SF | 1967 | - |
|
Stevens Center Business Park
2505 Garlick Blvd, Richland, WA 99354 |
Office | 77,888 SF | 2004 | - |
| 2620 Fermi Ave, Richland, WA 99354 | Office | 51,548 SF | 2004 | - |
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Stevens Center Business Park
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