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Updated: 04.13.23 Posted: 04.13.23 Status: Inactive     06.12.23

Summary

Price $6,714,738
Built/Renov 2017
Tenant Chase Bank (GL) (DUPE)
Cap Rate 4.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,614
Lease Start 09-29-2017
#Units 4,700
Price/SF $1,857.98
Expiration 09-30-2037
Tenant Type Bank/Financial
NOI $285,376
R. Term 12.3
Ownership Ground Lease
Rent/SF $78.96
Increases 2.5%/1/yrs
Pop 5Mi 169,671
Lot/AC 0.53
Options 4/5yrs/2.5%
AHHI 5Mi $87,310

Highlights

  • Chase Bank has been operating in this location since 2017
  • Tenant has 14.5 years remaing on lease with 4 (5-year) options to extend
  • Lease features an increase of 2.5% annually throughout the initial term and at each option period
  • Absolute NNN ground lease with zero landlord responsibilities
  • Corporate guarantee by JPMorgan Chase Bank N.A. (NYSE: JPM)
  • Chase Bank is an investment grade tenant (S&P: A+)

Location Description

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. Located at the signalized, hard corner intersection of Town Center Parkway and Gate Parkway which sees over 15,000 vehicles passing per day, the site is within a dense retail corridor with nearby major national tenants such as...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chase Bank
  • Guarantor:Corp T and Rated
  • Company:JPMorgan Chase Bank N.A.
  • # Units:4,700
  • Tenant S&P: A+
  • Moody’s: A3
  • Stock:NYSE: JPM

About Tenant

Chase Bank, is a subsidiary of JP Morgan Chase & Co., a diversified financial services company with roots dating back to 1799. Today, Chase Bank operates more than 4,800 branches in 48 states and...


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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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