Marcus & Millichap presents the Immigration and Customs Enforcement (ICE) building located at 228 Magazine Street in Sault Ste Marie, Michigan. The 20,000-square-foot building was constructed in 2009 and is situated on 1.98 acres of land. This ICE 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.
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.
Sault Ste. Marie is a city in and the county seat of Chippewa County in the state of Michigan. It is situated on the northeastern end of Michigan’s Upper Peninsula, on the Canada-U.S. border, and separated from its twin city of Sault Ste. Marie, Ontario, by the St. Mary’s River. The city is relatively isolated from other communities in Michigan and is 346 miles from Detroit. The population was 13,631 in 2017, according to the United States Census Bureau, making it the second most populous city in the Upper Peninsula. The city offers multiple competitive advantages for local companies because of its strategic location near the Great Lakes and U.S. border with Canada, proximity to seaports, rail lines, a major interstate, a municipal airport, and the presence of Lake Superior State University.
- 20,000-square-foot building constructed in 2009
- Leased to Immigration and Customs Enforcement through March 2026
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- Located in Sault Ste. Marie in Michigan’s Upper Peninsula along the U.S. -Canada border