1410 S 1st Ave 23,553 SF Office Building Iowa City, IA 52240 For Sale

The Newmark Government Capital Markets team, on behalf of Ownership, is pleased to present qualified investors with the opportunity to acquire a brand new retrofit-to-suit United Department of Veterans Affairs (“VA”) Administration Building in Iowa City, Iowa (the “Property”). The Property, retrofitted in 2024, is a 32,200 rentable square foot state-of-the-art administration building that is 100% occupied by the VA. Per the lease, the VA occupies 23,553 RSF and 8,647 ABOA SF is deemed “free space” allowing the VA to expand should they have a need. The Property features a first-generation lease with the VA which commenced in December 2023 and extends twenty (20) years, expiring in November 2043. The first ten (10)years of the lease are firm (non-cancellable) and feature annual CPI increases to Operating Cost reimbursements. Additionally, the Shell Rent increases every five (5) years by a rate of 3.0%. The Property represents a conscious effort by the VA to execute its strategic plan of removing administrative / office space from its Medical Center Campus (3.4 miles away) to allow for more clinical space. The Property will handle all administrative services for the Iowa City VA Health Care System.