Nashville REIT Snags Maryland Government-Leased Asset for $242M
CoreCivic, a Nashville-based REIT specializing in investing and operating government facilities, acquired 6100 Wabash Ave. for $242 million. The new government-leased, LEED Silver office building is located in the Baltimore suburb of Reisterstown, MD.
Completed in 2014, the property is fully-leased to the Social Security Administration (SSA) through a 20-year lease with the General Services Administration. The 540,566-square-foot building is near the SSA’s 1.4-million-square-foot HQ in Woodlawn. The building is also adjacent to the Reisterstown Metro station, close to I-695 and a short drive from Baltimore Washington International Airport.
JLL’s John Duffy, Marc Rampulla and Brian Saal represented the undisclosed seller. The trio specialize in capital markets transactions for government-occupied real estate.
Rampulla says, “This was a very attractive and rare opportunity for investors to acquire a high-quality, transit-oriented asset leased to the federal government on a long-term basis, and we were able to generate significant interest.”
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