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Homeland Security Building Trades at $25M

ST. ALBANS, VT-An ownership entity of Elman Investors Inc. of New York acquires a 130,000-sf building here leased long-term to the federal General Services Administration. The building is one of four main centers for the U.S. Citizenship and Immigration bureau of the Dept. of Homeland Security.

By Brian K. Miller | Updated on October 28, 2004

ST ALBANS, VT-Elman Investors of New York has added to its Government-leased building portfolio with the acquisition of a 130,000-sf building here for slightly more than $25 million. The building is leased for the next 17 years to the federal General Services Administration on behalf of the U.S. Citizenship and Immigration Services bureau of the federal Dept. of Homeland Security. Company principal Lee Elman tells GlobeSt.com the acquisition was financed with a 75%, 12-year loan from CIBC that has a 30-year amortization and a fixed interest rate of 5.84%. The equity in the deal was supplied by Elman and other high-net-worth individuals. With the acquisition, Elman and his co-investors own two of the four main USCIS offices. The other one it owns is in Dallas, TX, says Elman. Leith Swanson of San Diego-based Prime Net Realty Advisors Inc. sourced the deal for Elman.In March, Elman took his government-leased building investment plan outside the US for the first time, buying an office asset here that is occupied by the government of Saskatchewan for at least the next six years. Elman Investors paid about $10 million for the 80,000-sf building, including a $7-million mortgage loan from Column Financial, an affiliate of Credit Suisse First Boston. The Vermont acquisition takes Elman’s government leased property portfolio to 31 properties, totaling 2.8 million sf with an aggregate value of $334 million. Elman says he has another $60- to $70-million worth of properties in the acquisition pipeline, of which $20- to $25-million worth will close before the end of the year.

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