Colliers International is pleased to present an investment opportunity, for the Social Security Administration (SSA) and Office of Hearings and Appeals Operations (OHO) is located at 155 Forrest Drive, Hannibal, MO. This single-tenant office building is 7,648 square feet, sits on 1.8 acres, and was a build-to-suit for the General Services Administration (GSA) in 2009. Approximately 800 square feet is dedicated to the OHO. This is a critical mission hearing office that supports the Social Security field offices in Columbia and St. Louis, MO. There are two security guards assigned to this facility, one for Social Security and the other for OHO. The GSA just executed a new 10-year lease with 8-years firm term. New carpet is being install, paint is being refreshed, and all parking lot light fixtures were converted to LED. This building also has an Energy Star rating. The building is surrounded by newer medical buildings and is a neighbor to Moberly Area Community College (MACC). With GSA tenants averaging over 30+ years occupancies, investors will be able to realize additional upside through escalating operating expense rent reimbursements adjusting with Consumer Price Index (CPI) increases.
The subject property serves as a field office for the Social Security Administration which administers and oversees the application process for Disability, Retirement, and Medicaid benefits in addition to fielding application forms, filing appeals, and Medicare prescription drug benefit assistance services. The Social Security Administration is headquartered in Woodlawn, Maryland and includes 10 regional offices, 8 processing centers, approximately 1,300 field offices, and 37 Teleservice Centers. As of 2018, about 60,000 people were employed by SSA. Social Security is the largest social welfare program in the United States.
Hannibal, Missouri is located along the Mississippi River in northeast Missouri, approximately 100 miles north of St. Louis. Hannibal's most-famous son is Samuel Langhorne Clemens, known worldwide as Mark Twain. Many of the popular characters featured in The Adventures of Tom Sawyer, The Adventures of Huckleberry Finn, and other famous works, were based upon people Sam had known while growing up in Hannibal. Today, Hannibal has several local industries, including General Mills, Watlow Electric, Buckhorn Rubber, Cosmo flex, Spartan Metal, Enduro Industries, Continental Cement, Hannibal LaGrange University, Hannibal Regional Hospital, the Hannibal Clinic, and nearby BASF. Hannibal also has a Collegiate League Baseball franchise, the Hannibal Cavemen, who play in the Clemens Field in downtown Hannibal.
Single-tenant Office Building
7,648 Square Feet on 1.8 Acres
United States Government Guaranteed Lease (AA+ credit rating from Standard & Poor’s)
Build-to-suit in 2009 for the GSA
New 8-year Firm Term Lease, ten years overall
