Marcus & Millichap presents the Social Security Administration (SSA) building located at 7517 Lorain Avenue in Cleveland, Ohio. The 11,000-square-foot building was constructed in 2009 and is situated on 1.62 acres of land. This Social Security Administration building 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.
The SSA is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivor’s benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimants benefits are based on the wage earners contributions. SSA is headquartered in Woodlawn, Maryland, just to the west of Baltimore, at what is known as Central Office. The agency includes 10 regional offices, eight processing centers, approximately 1300 field offices, and
37 Teleservice Centers. As of 2007, about 62,000 people were employed by SSA. Social Security is the largest social welfare program in the United States. The Social Security Administration has been named the 6th best place to work in the federal government.
Cleveland is a city in the state of Ohio and is the county seat of Cuyahoga County. The city proper has a population of 385,525, making it the second-largest city in Ohio. Greater Cleveland is ranked as the 36th largest metropolitan area in the U.S., with 2.1 million people in 2017. The city is located on the southern shore of Lake Erie, approximately 60 miles west of the Ohio-Pennsylvania state border. Historically, Cleveland has been a manufacturing hub because of its location on both the river and the lake shore as well as its connection to numerous canals and railroad lines. Other notable industries in the city include financial services, healthcare, and biomedicals. The city has recently experienced an influx of development activity, highlighted by the $330-million Opportunity Corridor, which will reconnect neighborhoods through investment in a multi-modal transportation network.
- 11,000-square-foot building constructed in 2009
- Leased to the Social Security Administration through December 20 19
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- Located in Cleveland, OH, the second largest city in the state—population of more than 3 85,000