PENSACOLA, FL-Boston-based STAG Capital Partners has acquired a 54,840-sf, two-building office portfolio. The acquisition price was not released, but real estate sources estimate the price tag to be north of $5 million.

One building is located at 3100 West Fairfield Dr. and consists of 8,885 sf and is 100% leased to the Florida Department of Corrections, the third largest state prison system in the country. The second building is located at 1301 North Palafox St. and consists of 45,955 sf and is 100% leased to the Florida Department of Law Enforcement.

The seller, Cordova Community Facilities Corp., was represented by Bill Bubnaiak and Paul Debono, of NAI Farbman.

STAG Capital Partners vice president David Pizzotti tells that this is the company’s first acquisition in Pensacola. The company acquires and manages single-tenant, net leased properties–including warehouse, flex, manufacturing and office buildings–throughout the US through third-party transactions and corporate sale-leasebacks. Tenants in properties have included private equity sponsored companies and both investment and sub-investment grade corporations.

“Both properties are occupied by strong investment grade government tenants,” Pizzotti says. “The Florida Department of Law Enforcement has a long-term lease in place.”

The properties will be held long-term. “If we find additional properties that meet our acquisition criteria in Pensacola, then we may consider acquiring them,” he says.

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