The document summarizes a net leased investment property occupied by the FBI and located in Cheyenne, Wyoming. The 7,804 square foot building was built-to-suit in 2011 and has 14 years remaining on the lease. It has an asking price of $3,844,179, representing a 7.25% cap rate and $279,017 in annual net operating income. The property features a secured underground parking garage and is located near the Cheyenne airport, which is undergoing expansion.

1. NET LEASED INVESTMENT OFFERING
GSA - Federal Bureau of Investigation
1109 Airport Parkway
Cheyenne, WY 82001
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Ten Year Cash Flow
5) Aerial
6) Site Plan
7) Map
8) Tenant Profile
9) Demographic Comparison Report
10) Location Overview
11) Contact Information
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3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
CONFIDENTIALITY & DISCLAIMER
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is
intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to
any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been
prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or
representation. The information contained in this Offering Memorandum has been obtained from sources we
believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information
contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no
warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All
potential buyers must take appropriate measures to verify all of the information set forth herein.
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4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant GSA property fully occupied by the Federal
Bureau of Investigation (FBI) located in Cheyenne, Wyoming. The 7,804 square foot building was a build-to-suit
development in 2011 for the FBI. The property features a 16 stall secured underground parking garage and a 15 year roof
warranty. The underground parking is only accessible by cleared personnel and is fenced off for further security. The
underground parking could potentially be converted to office space.
The property is located along Airport Parkway adjacent to the Cheyenne Regional Airport. This is a strategic location for the
FBI due to the proximity of the Cheyenne airport. The building is located on a forty year land lease with the Cheyenne
Regional Airport Board. Cheyenne recently passed Proposition 7G which granted $4.8 Million to the Cheyenne Airport
Board to aid in the construction of a new terminal for the Cheyenne Regional Airport. The new $16.4 Million, two-story
terminal expansion will include a 35,000 square foot terminal, a terminal apron with room for four additional aircrafts and
over 400 parking spaces. Additionally, the Cheyenne VA Medical Center is in close proximity to the property.
The property was a build-to-suit for the FBI with the United States Government guaranteeing the original 15 year lease with
expiration in January 2036. The lease is a modified gross lease with adjusting operating expenses by CPI as well as a base
year for taxes. The United States Government is rated AA+ (investment grade) by Standard & Poor’s.
INVESTMENT HIGHLIGHTS
• Lease guaranteed by the Unites States of America
• Investment grade rated tenant (Standard & Poor’s: AA+)
• Long term lease with 14 years remaining
• As of November 2011 the GSA had a renewal probability of
96.9% and an average length of tenancy of 32.3 years
according to GSA Rollover data
• Recent build-to-suit construction for the FBI
• 15 year roof warranty
• Adjacent to the Cheyenne Regional Airport, which is currently
undergoing a $16.4 million expansion
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5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $3,844,179
Cap Rate: 7.25%
Net Operating Income: $279,017
Renewal Options: None
Lease Commencement Date: February 1, 2011
Lease Expiration Date: January 31, 20261
Tenant: GSA – Federal Bureau of Investigation
Credit Rating: AA+ (Standard and Poor’s)
Year Built 2011
Lease Type: Modified Gross Leasehold2
Rentable Square Feet: 7,804
Land Size: 1.62 Acres
(1)GSA has the right to terminate the lease beginning February 1, 2021 by providing sixty days written notice.
(2)The property is subject to a forty year ground lease to the Cheyenne Regional Airport Board.
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6. TEN YEAR CASH FLOW
NET LEASED INVESTMENT OFFERING
TEN YEAR CASH FLOW
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7. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
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8. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
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9. MAP
NET LEASED INVESTMENT OFFERING
MAP
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10. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
The General Services Administration (GSA) is an independent agency of the United States government, established in
1949 to help manage and support the basic functioning of federal agencies. The GSA supplies products and
communications for U.S. government offices, provides transportation and office space to federal employees, and
develops government-wide cost-minimizing policies, and other management tasks. The GSA’s mission is to use
expertise to provide innovative solutions for our customers in support of their missions and by so doing foster an
effective, sustainable, and transparent government for the American people. GSA oversees the business of the U.S.
federal government. GSA’s acquisition solutions supplies federal purchasers with cost-effective high-quality products
and services from commercial vendors.
GSA employs about 12,000 federal workers and has an annual operating budget of roughly $26.3 billion,
approximately 1% of which is appropriated from taxpayer dollars. GSA oversees $66 billion of procurement annually.
It contributes to the management of about $500 billion in U.S. The GSA owns and leases over 354 million square
feet of space in 8,300 buildings in more than 2,200 communities nationwide.
The Federal Bureau of Investigation (FBI) is agency of the United States Department of Justice that serves as a
federal criminal investigative unit and an internal intelligence agency. The FBI has a total annual budget of $7.9
Billion. The mission of the FBI is to protect and defend the United States and to provide leadership and criminal
justice services to federal, state, municipal and international agencies and partners.
Tenant: Federal Bureau of Investigation
Website: www.fbi.gov
(FBI)
Guarantor: United States of America
Standard & Poor’s Rating: AA+
Employees: 35,664
Annual Budget: $7.9 Billion
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11. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 3-mi. 5-mi 10-
10-mi
Total Population 57,080 76,742 81,863
Total Households 23,527 30,647 32,488
Income
Median Household Income $50,107 $51,363 $52,023
Average Household Income $59,722 $60,838 $61,595
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12. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Cheyenne is the capital and most populous city in Wyoming and is the county seat of
Laramie County. At the time of the 2010 U.S. Census, Cheyenne had a population of
59,466. The largest employers in Cheyenne include the F.E. Warren Air Force Base, the
Wyoming National Guard, Cheyenne Regional Medical Center, Burlington Northern
Santa Fe railroad, Union Pacific railroad and Lowe’s and Wal-Mart, which each operate
distribution centers in the city.
Cheyenne is home to the F.E. Warren Air Force base, which is one of the three strategic
missile bases in the United States. The Air Force base has been in Cheyenne since
1867, making the base the oldest active military installation within the Air Force. The
base is a designated place by the U.S. Census and is home to over 3,000 residents.
www.cheyenne.org
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13. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com