Tanenbaum Equity Partners acquires CoreCivic National Portfolio

Tanenbaum Equity Partners (TEP), a subsidiary of Oklahoma City–based Gardner Tanenbaum, has acquired the CoreCivic National GSA Portfolio.

The portfolio consists of 42 federally leased properties located in 11 states and totals more than 573,000 square feet. The total acquisition price was $106.5 million.

The portfolio is primarily leased by the federal government to agencies such as the Social Security Administration, Office of Hearings and Operations, Military Entrance Processing, Department of Homeland Security and the Veterans Administration. Most of the assets were built-to-suit for the government.

“The acquisition brings TEP’s government-leased portfolio to a total of 105 properties and we are actively seeking to further grow our GSA holdings into 2021,” said Richard Tanenbaum, TEP’s founder and managing partner. “This purchase was complex in nature as the sellers needed to close by year-end 2020 to meet certain tax benefits of converting from