Richmond, VA – May 12, 2020 – Colliers International is pleased to announce the sale of the Modesto Social Security Office at 1521 N. Carpenter Road in Modesto, California for $3,975,000.
The Modesto Social Security Office is a 26,300 SF multi-tenant office building anchored by the Social Security Administration (68.38% of GLA). The Property is located in a highly amenitized, mixed-use development in an accessible and attractive location. The Social Security Administration recently ‘right sized’ their operation in the Property to 17,798 RSF, cementing the SSA’s long-term tenancy in the Property. With over 6,000 square feet currently vacant, the property provides the opportunity to create additional value in the asset.
“SSA Modesto provides long-term stable anchor tenancy from the Social Services Administration with the opportunity to add additional value through the lease up of the vacancy. This attractive combination resulted in significant interest in the Property and a successful sale” said Will Bradley, Executive Vice President at Colliers International.
Will Bradley, Executive Vice President and Mark Williford, Vice President with Colliers Government Solutions practice group and Erica Frey represented the Seller.