DALLAS — Despite 42 properties involved and a speedy transaction turnaround required, a transaction team worked quickly to pull it off. In the end, Tanenbaum Equity Partners, a subsidiary of Oklahoma City-based Gardner Tanenbaum, acquired the CoreCivic National GSA Portfolio.
The portfolio consists of 42 federally leased properties located in 10 states and totals more than 573,000 square feet. The total acquisition price was $106.5 million before closing costs and construction capital reserves.
The portfolio is primarily leased by the federal government to agencies such as the Social Security Administration, Office of Hearings and Operations, Military Entrance Processing, Department of Homeland Security and the Veterans Administration. Most of the assets were built-to-suit for the government.