WASHINGTON, DC-Last month, PRP made its first acquisition for its US Government Income and Growth fund in San Antonio, TX, where it acquired a regional FBI building for $42 million. It then made another acquisition, a border patrol station in Montana, and it most recently snapped up the Del Rio Federal District Courthouse and Social Security Administration Facility in Del Rio, TX for a combined $22 million.
When, though, will it make an acquisition here--where there is a wealth of GSA-leased properties? For that is the intent of the fund, which has as its goal $1 billion in acquisitions of class A federal government-leased properties that are fully leased to mission-critical agencies.
The answer is soon, says Paul Dougherty, president of PRP. In an exclusive with GlobeSt.com, he reveals that the company is negotiating three such investment trades in the DC area, with two priced at more than $180 million and one a $50-million deal.
The company is acquiring GSA-leased buildings all over the country, he says. In fact, it has a pipeline of 10 investments for the fund. It just so happened many of its recent transactions have been in Texas. “The GSA has a big footprint in that state,” he says.
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