DEL RIO, TX- PRP LLC has acquired the Federal District Courthouse and Social Security Administration Facility here for a combined $22.02 million. The Washington, DC-based investor made the buys on behalf of its US Government Properties Income & Growth Fund LP.
The properties represent the Fund’s third and fourth acquisitions. Recently, PRP bought a regional FBI building in San Antonio as well as a border patrol station in Montana.
Paul Dougherty, president of PRP, tells GlobeSt.com the firm is acquiring GSA-leased buildings all over the country. It just so happens many of its recent transactions are in Texas. “GSA has a big footprint in that state,” he says.
The Del Rio Federal Courthouse is a three-story, 89,880-square-foot courthouse and administrative complex that serves US Federal judges, US Attorneys and US Marshals. Originally built in 1992 and expanded in 2004, the four-courtroom facility acts as one of eight district Courthouses within the Western Texas District of the congressionally established US Federal court system.
Given its close proximity to the US-Mexican border, the property is one of the busiest courthouses in the Federal system, according to PRP. It is leased to GSA on behalf of Administrative Office of the Courts through February 2024 with no options for termination.
The 6,246-square-foot SSA facility is located about 2.5 miles from the Del Rio Federal Courthouse.
In addition to the Del Rio assets, PRP has a pipeline of roughly 10 similar investments for the fund, one of which will be closing in the next two weeks, according to Dougherty. PRP’s fund will look to create a $1-billion portfolio of class A, US federal government-leased properties fully leased to mission-critical US federal government agencies.
“We are effectively tapping our unique network of owners of GSA assets, which gives us preferential access to opportunities that fit our targeted niche,” Dougherty says. “With the recent successful conclusion to our first round of fundraising and a pipeline of investments that fit our investment criteria, we are well positioned to continue making a steady stream of investments for this fund.”
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