HC Government buying 11th building for $14.5 million

A newly formed, Sarasota-based real estate investment trust is acquiring a Norfolk, Va., office building fully occupied by the U.S. Social Security Administration.

The three-story, nearly 54,000-square-foot building will mark HC Government Realty Trust Inc.'s 11th acquisition since its formation last fall.

HC Government, which is acquiring the Government Services Administration-occupied building from USAA Real Estate Co., specializes in buying properties leased by the federal government. In the case of the 5850 Lake Herbert Drive building, the Social Security lease runs through June 2027.

HC Government plans to finalize its purchase of the building, which was completed in 2007, by the end of this month.

“This building provides critical Social Security services to the residents of downtown Norfolk and the Virginia Beach communities,” says Ed Stanton, HC Government's CEO.