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Bureau of Land Management 1201 Bird Center Dr 15,704 SF Office Building Palm Springs, CA 92262 $8,703,576 CAD ($554.23 CAD/SF) 6.50% Cap Rate
Investment Highlights
- The subject property is a build-to-suit government facility located two miles from downtown Palm Springs, a high-barrier-to-entry market
- BLM invested approximately $1.5 million between 2020-2022, including interior upgrades to the insulation, drywall, acoustic ceilings, flooring & more
- Lease is guaranteed by the United States Government, which holds an AA+ credit rating (S&P) and generated tax revenues exceeding $4.92 trillion
- Tenant is currently in discussions for an additional 5-year lease extension, demonstrating a strong continued commitment to this strategic location
Executive Summary
The subject property is a build-to-suit government facility located two miles from downtown Palm Springs, a high-barrier-to-entry market. The property is fully leased to the Bureau of Land Management (AA+ Credit) with favorable modified gross structure and a lease extension through 2033 in progress.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
15,704 SF
Building Class
B
Year Built
2008
Price
$8,703,576 CAD
Price Per SF
$554.23 CAD
Cap Rate
6.50%
NOI
$565,715 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,704 SF
Building FAR
0.12
Lot Size
2.97 AC
Zoning
CPD
Parking
110 Spaces (7 Spaces per 1,000 SF Leased)
Amenities
- Controlled Access
- Courtyard
- Fenced Lot
- Security System
- Signage
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Public Administration
- -
- -
- -
The BLM was established in 1946, but its roots go back to the years after America’s independence, when the young nation began acquiring additional lands. At first, these lands were used to encourage homesteading and westward migration. The General Land Office was created in 1812 to support this national goal. Over time, values and attitudes regarding public lands shifted, and President Harry S. Truman, by means of a government reorganization, merged the GLO and another agency, the U.S. Grazing Service, creating the BLM.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Public Administration | - | - | - |
1 1
Property Taxes
| Parcel Number | 677-250-067 | Improvements Assessment | $4,785,427 CAD |
| Land Assessment | $3,932,110 CAD | Total Assessment | $8,717,537 CAD |
Property Taxes
Parcel Number
677-250-067
Land Assessment
$3,932,110 CAD
Improvements Assessment
$4,785,427 CAD
Total Assessment
$8,717,537 CAD
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Bureau of Land Management | 1201 Bird Center Dr
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