BLOOMINGTON, ILL.—A private partnership based in Colorado has sold its single-tenant Government Services Agency (GSA) property located at 1201 North Mitsubishi Motorway in Bloomington, Ill. For $16.35 million. The Boulder Group’s Randy Blanstein and Jimmy Goodman represented the seller thin the deal.
The buyer was self-represented and purchased the property to fulfill a 1031 exchange.
Developed in 2008, the 133,512-sq.-ft. property is currently fully occupied by the Internal Revenue Service. Situated on a 9.78-acre parcel, the property serves as the IRS National Distribution Center where orders are fulfilled. The GSA consolidated three other national IRS distribution centers to this centrally located facility in 2008.
The GSA lease had 11 years remaining on the primary term at the time of the sale.