Land

National Cancer Institute Leased Fee Portfolio

Rockville, Maryland United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive advisor for the sale of the National Cancer Institute Leased Fee Portfolio (“the Offering”), a two-asset ground lease portfolio featuring secure, appreciating cash flow collateralized by the leasehold interest in two mission critical National Cancer Institute facilities. Both ground leases offer in excess of 85 years of remaining contractual lease term, appreciating cash flows, and solid ground tenancy/leasehold ownership. 100% of leasehold income is backed by the full faith and credit of the United States government, as the leasehold properties are in use as the National Cancer Institute Headquarters and the National Cancer Institute Genomics Laboratory, both of which were constructed on a build to suit basis for NCI in 2012 and 2019 respectively. Ground rent payments are very healthy at less than 10% of the hypothetical fee simple NOI. The assets sit at the epicenter of Suburban Maryland’s vibrant life science market, where vacancy is only 2.5%.

Investment Highlights

·      Leased fee interest acquisition opportunity in two ground leases each offering 85+ years of remaining term

·      Highly secure income stream collateralized by the leasehold interests in two build-to-suit facilities for the National Cancer Institute: NCI’s 2012 constructed headquarters & NCI’s 2019 constructed Genomics Laboratory

·      Appreciating cash flow with fixed bumps followed by annual CPI escalations → No fair market resets nor IRR look backs

·      Very healthy ground rent payments of less than 10% of hypothetical fee simple NOI for both ground leases

·      Ground tenancy offers attractive credit profile and 100% of leasehold income is backed by the full faith & credit of the United States government

·      Located at the epicenter of Suburban Maryland’s vibrant life science market  

Last Updated Date: 15 Sep 2021
Jim Meisel
Jim Meisel
Senior Managing Director, Washington, D.C. Office Co-Head
License details
DC-SP100478 MD-521313 VA-0225049461
David Baker
David Baker
Director, Capital Markets
License details
DC-SP98379962 MD-645831 VA-0225228839

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Last Updated Date: 15 Sep 2021

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