Arlington, VA – FD Stonewater announced today the sale of a four-building portfolio, each fully leased by the Federal Government. The portfolio consists of two Customs and Border Patrol (CBP) facilities located in Jacksonville and Riviera Beach, Florida; a U.S. Military Entrance Processing Command (MEPS) facility in Nashville, Tennessee; and an Immigration and Customs Enforcement (ICE) facility in Cary, NC. The portfolio was purchased by Boyd Watterson.
FD Stonewater, attracted by the staggered lease roll over and geographic diversity, originally purchased three of the buildings in 2012 as the first acquisitions for the FD Stonewater/Roseview Fund. During its tenure as owner of the portfolio, FD Stonewater executed lease renewals in two of the buildings and was awarded a long-term lease extension and substantial expansion at the ICE facility in North Carolina.
Jeff Toporek, a Principal at FD Stonewater, commented, “This sale represents a successful execution of our opportunistic Federal acquisition and development program, having purchased existing assets with shorter terms remaining and developed new longer term assets. The properties are mission critical facilities with well-funded government agencies, representing business plans we have been pursuing over the past few years, and it’s great to see the strategy fully realized.” Principal Joe Delogu further commented, “We are pleased to have invested on behalf of a Fortune 100 corporate pension fund and delivered a successful outcome for the strategy from inception to completion. The fund truly employed each of the disciplines fully integrated into our platform including investment, asset management, development and federal leasing – resulting in returns outperforming the original underwriting.”