By CoStar Research
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West Second Street Associates (WSSA), a Michigan-based firm that specializes in developing and managing buildings for General Services Administration (GSA) tenants, has selected Colliers International to shop a 16-property single-tenant portfolio of office properties totaling 273,000 square feet.The GSA-leased office portfolio has an estimated value of $118 million. Eight of the properties are located in Michigan with the others in Ohio, Florida, Texas, Colorado and Minnesota. The buildings range in size from 6,000 to 40,000 square feet and carry and average lease term of 10 years. Federal agencies occupying the buildings include the Social Security Administration, the IRS, Immigration and Customs Enforcements, Customs and Border Protection, and the Dept. of Veterans Affairs. GSAXCHANGE, a group within the Colliers Government Solutions team, and Raymond James Financial are marketing the portfolio to prospective buyers. Colin Cavill and Bob Cottle, both based in Atlanta, and Darrin Kennedy, based in Los Angeles, are leading the sales effort.Cavill, managing director of Colliers International’s GSAXCHANGE unit, said he expects the collection of single-tenant properties to attract a high level of interest from investors due to the credit worthiness, long average lease terms and renewal rates of associated with federal government tenants. “These GSA properties provide a steady income stream and consistent yields,” said Cavill.