Marcus & Millichap presents the U.S. Bankruptcy Court building located at 226 West 2nd Street in Flint, Michigan. The 16,000-square-foot building is situated on 0.56 acres of land. This Bankruptcy Court 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.
United States bankruptcy courts are created under Article I of the United States Constitution. They function as units of the district courts and have subject matter jurisdiction over bankruptcy cases. The federal district courts have original and exclusive jurisdiction over all cases arising under the bankruptcy code, and bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters. The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. The bankruptcy judges in each judicial district in regular active service constitute a unit of the applicable United States district court. The bankruptcy judge is appointed for a term of 14 years by the United States court of appeals for the circuit in which the applicable district is located.
Flint is the largest city and county seat of Genesee County, Michigan, with a population of 96,448 in 2017, according to the United States Census Bureau. The city is located along the Flint River, 66 miles northwest of Detroit. Well known for the region’s automobile beginnings, the industry continues to play a vital role in the city, as General Motors is the city’s largest employer with more than 8,330 employees. Flint has experienced new investment in recent years as structures in downtown Flint have been renovated and are attracting businesses and people back into the city. The
Flint metropolitan area is the fourth largest metropolitan area in Michigan, with a population of 414,000 people.
- 16,000-square-foot building in Flint, MI
- Leased to U.S. Bankruptcy Court through September 2026
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- Flint is about 66 miles northwest of Detroit