Marcus & Millichap presents the Social Security Administration (SSA) building located at 2938 Hansen Road in West Branch, Michigan. The 6,000-square-foot building was constructed in 2008 and is situated on 1.22 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 sixth best place to work in the federal government.
West Branch is a city in Ogemaw County in northern Michigan, about 66 miles northwest of Saginaw. West Branch is considered a regional shopping hub because of its proximity to the Outlets at West Branch, which attracts more than 1 million shoppers each year, and the downtown Victorian West Branch, which includes a variety of specialty shops, restaurants, and a cinema. The city and the larger region’s economy is supported through tourism, the automobile industry, plastics manufacturing, agriculture, and oil production.
- 6,000-square-foot building constructed in 2008
- Leased to the Social Security Administration through J uly 2021
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- West Branch is a city in northern Michigan, known as a regional shopping hub