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Views: 80 Updated: 03.20.24 Posted: 01.18.23 Status: Sold

Summary

Price $4,325,000
Built/Renov 2022
Tenant Chase Bank (GL)
Cap Rate 4.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,730
Lease Start 04-01-2022
#Units 4,784
Price/SF $1,584.25
Expiration 03-31-2042
Tenant Type Bank/Financial
NOI $173,000
R. Term 17.10
Ownership Ground Lease
Rent/SF $63.37
Increases 10.0%/3/yrs
Pop 5Mi 131,849
Lot/AC 0.98
Options 3/5yrs/10%
AHHI 5Mi $104,761

Lease Highlights

  • Chase Bank is original tenant: build-to-suit facility (2022)
  • The tenant has 18 years remaining in its initial term with 3 (5-year) options to extend
  • The lease features 10% rent increases every 5 years
  • Zero landlord responsibilities- Absolute NNN lease
  • Corporate guarantee by JP Morgan Chase Bank (NYSE: JPM)
  • JP Morgan Chase Bank is an investment grade tenant (S&P: A+)

Location Description

This Chase is located on Mantua Pike (Route 45), which is the main retail thoroughfare in Woodbury, NJ, and sees over 20,000 vehicles per day. The property benefits from strong demographics of 131,849 living within a 5-mile radius, and an AHHI of $104,761. This branch is positioned in an excellent retail trade area that includes ACME Markets, ALDI, McDonald’s, Starbucks, Dunkin, Wawa and more....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chase Bank
  • Guarantor:Corp T and Rated
  • Company:JP Morgan Chase Bank N.A.
  • # Units:4,784
  • Tenant S&P: A+
  • Moody’s: A1
  • Stock: NYSE: JPM

About Tenant

JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank. Founded in 1877, The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000....


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 10,150 67,013 136,302
2023 Total Population : 10,246 67,058 135,669
2023 Employed Civilian Pop : 4,761 35,037 69,627
2023 Total Businesses : 543 2,025 4,307
2023 Average Household Income : $ 106,013 $ 112,985 $ 113,203
2023 Total Consumer Spending : $ 363 M $ 2634 M $ 5255 M
2023 Median Age : 41 42 42
2023 Total Households : 4,021 27,306 54,324
2023 Pop Age 25+: Bachelor's Degree : 1,588 10,385 19,866
2023 Average Home Value : $ 282,782 $ 300,112 $ 298,647
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
South Evergreen Avenue 2018 9,826 0.06 mi
Mantua Pike S Evergreen Ave 2020 16,038 0.11 mi
South Evergreen Avenue Mantua Pike 2020 9,644 0.12 mi
Mantua Pike Packard Ave 2011 17,889 0.30 mi
Bellevue Ave Summit Ave 2004 1,620 0.34 mi
Twells Ave Salem Ave 2004 2,990 0.35 mi
Mantua Pike Twells Ave 2018 19,964 0.36 mi
Salem Avenue Morris St 2017 8,962 0.38 mi
Salem Ave Emerson St 2011 12,107 0.40 mi
South Barber Avenue S Evergreen Ave 2018 7,734 0.41 mi

Listing Broker

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