A company that owns and manages private prisons and government buildings has acquired a Dayton-area records facility.
Nashville-based CoreCivic acquired the National Archives and Records Administration (NARA) building at 8801 Kingsridge Drive in Miami Township.
The property sold Sept. 28 for $6.8 million, according to Montgomery County property records. Built in 2003, the industrial building is more than 217,000 square feet and can house up to 1.2 million cubic feet of government records.
NARA will remain the tenant in the building, according to a spokesperson from Colliers International, which brokered the deal.
The Miami Township building has housed the NARA's Great Lakes Region since 2003 and was constructed as a build-to-suit facility specifically for the administration, according to a news release.
“We had several buyers bidding for the property creating a competitive environment for the sale. The interest level in government-leased real estate is robust and shows no signs of slowing,” said Steve Timmel, brokerage senior vice president at Colliers. “Having the depth of knowledge of the GSA world via our Government Solutions Group coupled with our investment sales platform was a great combination."
A CoreCivic spokesperson said that CoreCivic "is a REIT (Real Estate Investment Trust) focused on government-leased real estate and intends to keep the National Archives and Records Administration as its tenant in the building."
"The purchase of this building is another example of CoreCivic's long-term acquisition strategy to expand our portfolio of government-leased real estate assets while providing innovative solutions to meet the needs of our government partners," the spokesperson said.
Colliers International's Greater Cincinnati Investment Services Team was hired by the former owner, LNR Partners, to facilitate the sale, along with Jarrett Morrell of Colliers' Washington, D.C. Government Solutions Group.
CoreCivic announced Oct. 1 it had also recently acquired a Social Security Administration building in Baltimore, along with 12 other government-leased properties in five states in July. Currently, CoreCivic Properties owns or manages more than 17 million square feet of real estate around the country.
Via Dayton Business Journals