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Views: 86 DOM: 511 Updated: 05.20.24 Posted: 01.18.23 Status: Active

Summary

Price $6,550,964
Built/Renov 2017
Tenant Chase Bank (GL)
Cap Rate 4.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,614
Lease Start 10-01-2017
#Units 5,100
Price/SF $1,812.66
Expiration 09-30-2037
Tenant Type Bank/Financial
NOI $278,416
R. Term 13.3
Ownership Ground Lease
Rent/SF $77.04
Increases 2.5%/1/yrs
Pop 5Mi 169,671
Lot/AC 0.53
Options 4/5yrs/2.5%
AHHI 5Mi $87,310

Lease Highlights

  • Chase Bank is original tenant: build-to-suit facility (2017)
  • The tenant has over 14 years remaining in its initial term with 4 (5-year) options to extend
  • The ground lease features 2.5% annual rent increases
  • 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 Bank is well-positioned at the main intersection that connects the Costco-anchored center, the Strand at Town Center, and Simon Property Group’s St. John’s Center. Situated in St. John’s Town Center which welcomes over 16 million visitors per year, this site is within immediate proximity to I-295 (118,000 VPD) and Turner Butler Blvd. (128,500 VPD). The property benefits from being...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chase Bank
  • Guarantor:Corp T and Rated
  • Company:JPMorgan Chase & Co.
  • # Units:5,100
  • 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 : 12,145 80,948 207,493
2023 Total Population : 11,400 77,431 200,808
2023 Employed Civilian Pop : 7,553 44,080 110,940
2023 Total Businesses : 904 4,460 11,507
2023 Average Household Income : $ 106,452 $ 95,189 $ 93,479
2023 Total Consumer Spending : $ 603 M $ 2913 M $ 7044 M
2023 Median Age : 34 33 36
2023 Total Households : 6,466 34,941 86,480
2023 Pop Age 25+: Bachelor's Degree : 3,735 17,927 40,796
2023 Average Home Value : $ 344,665 $ 321,847 $ 339,112
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Gate Parkway Shiloh Mill Blvd 2021 17,000 0.12 mi
Gate Pkwy N Skinner Lake Dr 2010 33,412 0.22 mi
GORE GATE PKWAY Gate Pkwy N 2021 9,300 0.33 mi
GORE AT SR-202 WB Gate Pkwy N 2021 8,400 0.34 mi
GORE AT GATE PKWY Gate Pkwy 2021 8,600 0.39 mi
GORE AT SR-202 EB Gate Pkwy 2021 8,200 0.40 mi
Deerwood Park Blvd Gate Pkwy N 2010 16,138 0.52 mi
Butler Boulevard Optima Way 2021 120,500 0.60 mi
Town Center Parkway Rivere Marsh Dr 2021 42,500 0.64 mi
Butler Boulevard River City Dr 2021 123,000 0.67 mi

Listing Broker

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