Marcus & Millichap closed the sale of a Drug Enforcement Administration leasehold interest at 150 Hal Rogers Drive, a 9,038-square-foot office property in London, Kentucky.
Dan Yozwiak and Justin Fenn, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a private investor. Colby Haugness, regional manager and broker of record, assisted in closing this transaction.
The asset sold for $1.632 million at a 10.30 percent cap rate to a limited liability company.
The property is a single-tenant DEA facility and unlikely to be consolidated because of its airport location. This property was a build-to-suit for the DEA, which spent nearly $500,000 in tenant improvements on its initial build-out and fully fenced the 1.5-acre lot.
The DEA has continued to pay increasing shell rent and operating cost reimbursements at every renewal.
