This Office Property is Off-Market.

1201 North Mitsubishi Motorway
Bloomington, IL 61705 ·

133,512 SF · Office For Sale

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GSA (IRS - National Distribution Center)

Price N/A Occupancy 100%
Building Size 133,512 SF No. Stories 1
Property Type Office Building Class A
Property Sub-type Institutional/Governmental Tenancy Single
Property Use Type Net Lease Investment with 10+ years left on lease Year Built 2008
Cap Rate 8.50% Lot Size 9.80 AC
Listing ID: 17594751 Date Created: 03/29/2012 Last Updated: 08/21/2012

Description

The Boulder Group is pleased to exclusively market for sale a state of the art GSA property fully occupied by the Internal Revenue Service (IRS) in Bloomington, Illinois. The 133,512 square foot building was a build-to-suit development in 2008 as a national distribution center for the IRS. When the property was constructed in 2008, it replaced three former IRS properties to consolidate their operations. There are currently no other locations functionally similar to the property in the entire United States, making this facility mission critical for the IRS.

The GSA facility is located in Bloomington, Illinois. Bloomington is the principal city in the Bloomington-Normal MSA. According to the 2010 US Census, the Bloomington-Normal MSA had a population of 169,573. Bloomington is the fifth largest city in Illinois outside the Chicago MSA. The facility is in close proximity to Interstates 39, 55 and 74.

Local employers in the area include the national headquarters for State Farm and Country Financial and the manufacturing plant for Mitsubishi North America. The Mitsubishi manufacturing plant is located on 600 acres and has been at the current location since the 1980' s. The GSA facility is located just south of the Mitsubishi manufacturing plant and in close proximity to other industrial users such as Caterpillar Logistics, Central Trucking, Inc. and Midland Paper Inc.

Highlights

  • Lease guaranteed by the United States of America, investment grade credit rating as provided by Standard and Poor' s (AA+)
  • This facility is the only of its kind in the United States and is essential to the mission of the IRS
  • As of November 2011 the GSA had a renewal probability of 96.9% and an average length of tenancy of 32.3 years according to GSA rollover data
  • The GSA has put over $6.5 million of improvements into the facility
  • Geographically fulfills GSA needs in a central location
  • The property meets the strict building standards of the United States Government

Research

1201 North Mitsubishi Motorway, Bloomington, IL 61705 (McLean County)

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