CoreCivic Announces Acquisition of Capital Commerce Center in Tallahassee, Florida
January 22 2018 - 8:00AM
CoreCivic, Inc. (NYSE:CXW) (the
Company) announced today that it has acquired the 260,867-square
foot Capital Commerce Center, located in Tallahassee,
Florida.
Capital Commerce Center is 98% leased, and 87%
leased to the State of Florida on behalf of the Florida Department
of Business and Professional Regulation (DBPR). DBPR has
occupied their space in the property since March 1, 2016 and has
recently completed a ten year lease extension that will commence
upon the completion of nearly $6 million in new building
improvements. The lease with DBPR at the Capital Commerce
Center is backed by the financial strength of the State of Florida,
which has a AAA credit rating from S&P.
"We are pleased to announce our first material
acquisition of a government-leased real estate asset outside of our
traditional correctional, detention and residential reentry
facility portfolio," said Damon Hininger, CoreCivic's President and
Chief Executive Officer. "We believe that expanding into
other government-leased real estate assets offers the synergistic
benefits of leveraging our extensive real estate management
capabilities across a current portfolio representing over 17
million square feet and our extensive history of working with and
developing real estate solutions at all levels of government."
The DBPR is the agency charged with licensing and
regulating more than one million businesses and professionals in
the State of Florida. The DBPR is comprised of three primary
components: Business Regulation, Professional Regulation and Agency
Administration. Business Regulation is responsible for
licensing and regulating four major industries: Hotels and
Restaurants; Condominiums, Timeshares and Mobile Homes; Pari-Mutuel
Wagering; and Alcoholic Beverages and Tobacco. Professional
Regulation is responsible for licensing and regulating individual
professional licenses primarily through regulator boards
administratively housed within the DBPR. Agency
Administration is responsible for the day-to-day service operations
of DBPR.
Additional tenants at the property include the
Florida Department of Agriculture, CareerSource and
TEKsystems. The Capital Commerce Center is well-located
within the Blair Stone Road commercial corridor, immediately south
of U.S. Highway 27, 2.5 miles southeast of the Florida State
Capitol and downtown Tallahassee, and 7.5 miles from the
Tallahassee International Airport.
Including the acquisition of Capital Commerce
Center, CoreCivic Properties now owns 13 leased properties
representing over 1.4 million square feet of real estate.
About CoreCivic
The Company is a diversified government solutions company with
the scale and experience needed to solve tough government
challenges in cost-effective ways. We provide a broad range of
solutions to government partners that serve the public good through
corrections and detention management, government real estate
solutions, and a growing network of residential reentry centers to
help address America’s recidivism crisis. We are a publicly traded
real estate investment trust (REIT) and the nation’s largest owner
of partnership correctional, detention and residential reentry
facilities. We also believe we are the largest private owner of
real estate used by government agencies. The Company has been
a flexible and dependable partner for government for more than 30
years. Our employees are driven by a deep sense of service, high
standards of professionalism and a responsibility to help
government better the public good. Learn more at
http://www.corecivic.com/.
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Contact: |
Investors: Cameron
Hopewell - Managing Director, Investor Relations - (615)
263-3024Media: Steve Owen - Managing Director, Communications -
(615) 263-3107 |
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