Urban Investment Research buys Adair Social Security office

BUYER: UIRC-GSA Dade City FL LLC (UIRC-GSA LLC), Chicago

SELLER: LBA-GSA Dade City LLC

PROPERTY: 36630 Adair Road, Dade City

PRICE: $1.43 million

PREVIOUS PRICE: $290,000, February 2008

LAW FIRM ON DEED: Selig Jindal LLP, Chicago

PLANS, DESCRIPTION: Chicago-based Urban Investment Research Corp. purchased an 8,755-square-foot office building in Dade City for $1.43 million.

The price equated to $163 per square foot.

The 3-year-old building is leased to the General Services Administration for a U.S. Social Security Administration field office. The government agency has agreed to a 10-year lease on the property with a termination right starting in its sixth year.

Ed Rutledge, managing director for Urban Investment Research, says the property was purchased as an investment, principally because of its tenant.

The building occupies a one-acre site.

The purchase entity UIRC-GSA Dade City, mortgaged the property to UIRC-GSA LLC for $1.64 million.

Urban Investment Research invests and develops a variety of real estate. It has a heavy interest along the Midwest's Interstate 55 corridor, holding a reported 20% of the non-owner occupied real estate.