CoreCivic’s Acquisition of Tallahassee Office Building

Bass, Berry & Sims represented CoreCivic (NYSE:CXW) in the purchase of the five-story, 261,000 square foot Capital Commerce Center in Tallahassee, Florida

CoreCivic, Inc. provides detention and corrections services to governmental agencies. The Company, led by Damon T Hininger, David M Garfinkle and Anthony L Grande, designs, constructs, owns, manages, and renovates jails, prisons, government agencies, and inmate transportation companies. CoreCivic in 2017 recorded $1.765 Billion revenues.

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.

Bass, Berry & Sims advised with a team including James S. Tate, Jr. (Picture), Thomas Gossett, Jill E. Schwartz and Michael A. Stewart.

Involved fees earner: James Tate Jr. – Bass Berry & Sims; Michael Stewart – Bass Berry & Sims; Jill Schwartz – Bass Berry & Sims; Thomas Gossett – Bass Berry & Sims;

Law Firms: Bass Berry & Sims;

Clients: CoreCivic, Inc.;

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Author: Ambrogio Visconti