Marcus & Millichap presents the Immigration and Customs Enforcement (ICE) building located at 1530 Commonwealth Business Drive in Tallahassee, Florida. The 24,500-square-foot building was constructed in 2012 and is situated on 4.38 acres of land. This ICE location presents the opportunity for an investor to acquire a building tailored for this government agency. This facility provides a very attractive risk-adjusted yield with a highly rated credit tenant with S&P AA+ designation. General Services Administration leases offer long-term stability to an investor, as these federal agencies occupy the facilities for more than 30 years on average, with a first-generation renewal rate of approximately 96 percent.
ICE enforces federal laws governing border control, customs, trade and immigration to promote homeland security and public safety. ICE was created in 2003 through a merger of the investigative and interior enforcement elements of the former U.S. Customs Service and the Immigration and Naturalization Service. ICE now has more than 20,000 employees in more than 400 offices in the United States and 46 foreign countries. The agency has an annual budget of approximately $6 billion, primarily devoted to three operational directorates: Homeland Security Investigations (HSI), Enforcement and Removal Operations (ERO) and Office of the Principal Legal Advisor (OPLA). A fourth directorate, Management and Administration, supports the three operational branches to advance the ICE mission.
Tallahassee is the capital of the southern U.S. state of Florida. It is the county seat and the only incorporated municipality in Leon County. According to the United States Census Bureau, in 2017 the population was 191,049, making it the seventh largest city in the state and the largest in the Florida Panhandle. The population of the Tallahassee metropolitan area was 382,627 as of 2017. The MSA had the fastest growing economy per capita for any Florida metropolitan area in 2017. As the capital, Tallahassee is the site of the Florida State Capitol, Supreme Court of Florida, the Florida Governor’s Mansion, and nearly 30 state agency headquarters. The city is also known for several major higher education institutions such as Florida A&M University and Florida State University. In 2015, Tallahassee was awarded the All-American City Award by the National Civic League for the second time.
- 24,500-square-foot building constructed in 2012
- Leased to Immigration and Customs Enforcement through April 202 7
- United States government guarantee (AA+ Credit Rating, S&P)
- First-generation lease
- Located in Tallahassee—the state capitol and 7th largest city in Florida