Tanenbaum Equity Partners (TEP), a subsidiary of Oklahoma City-based Gardner Tanenbaum, has acquired the CoreCivic National GSA Portfolio. The portfolio consists of 42 federally leased properties, primarily build-to-suits, located in 11 states and totaling more than 573,000 square feet. The total acquisition price was $106,500,000 before closing costs and construction capital reserves.
TEP was represented in the transaction by both The Ficke Team of Colliers International, as investment sales representatives, and Marcus & Millichap Capital Corporation (MMCC) as financing intermediary and advisor.
A Dallas-based capital markets team at MMCC led by Sunny Sajnani, Todd McNeill and Brandon Wilhite secured acquisition financing from Arkansas-based Centennial Bank. The senior loan was structured as a fixed-rate bridge facility to acquire the 42-asset portfolio, and a line of credit to provide future funding for capital improvements and tenant improvement projects. Plans include 17 improvement projects on behalf of the federal government.
Pictured: 6-8 Southern Oaks Ct. in Savannah, GA.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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