Marcus & Millichap presents the Social Security Administration (SSA) building located at 252 Venture Place in Lancaster, Ohio. The 8,000-square-foot building was constructed in 2008 and is situated on 1.70 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.
Lancaster is a city in Fairfield County, Ohio. In 2017, the city had a population of 40,280, according to the United States Census Bureau. It is located near the Hocking River, approximately 33 miles southeast of Columbus and is the county seat of Fairfield County. The city’s strategic location near regional and interstate highways, rail lines, and three airports is leveraged by more than 150 companies that largely specialize in manufacturing. Local companies also benefit from the abundance of available industrial space, which includes two industrial parks, a rail transload capable
site, and a spec building that has the utilities vital for a successful site location. Furthermore, the local community has been enhanced through new investments that include the addition of new schools, the revitalization of the downtown, and a 10-year plan to improve the city’s roads and streets.
- 8,000-square-foot building constructed in 2008
- Leased to the Social Security Administration through September 2 020
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- Located in Lancaster, OH, about 33 miles southeast of Columbus