Chase Bank
Retail | 4.65% CAP | 2,637 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a Chase Bank ground lease located at 6357 Mechanicsville Turnpike in Mechanicsville, Virginia (the “Property”). The recently renovated retail branch consists of a 2,637 square foot building with four drive-thru lanes on a corner parcel. Chase Bank has 8+ years remaining on their Absolute NNN Ground Lease with four (4), five-year renewal options. The Lease call for attractive 10% rent increases every five years throughout the base term and at the start of each renewal option period.
Chase Bank is situated on a corner parcel at the intersection of Brashier Boulevard and Mechanicsville Turnpike (US Route 360), the area’s primary commercial and commuter corridor. The Property features outstanding frontage and visibility and is shadow anchored by a Kroger anchored shopping center. Chase Bank is surrounded by national retailers and restaurants that drive traffic to the area and is convenient to area schools, residential neighborhoods and apartment communities that provide a built-in customer base. The Property is 2.2-miles from Interstate 295 and 9 miles from Downtown Richmond.
Investment highlights
LONG-TERM LEASE: The newly renovated Chase Bank has 8+ years remaining on their Absolute NNN Ground Lease with four (4), 5-year renewal options.
ATTRACTIVE RENT INCREASES: The lease calls for 10% rental increases every five years through the current term and at the start of each renewal option period, providing the investor with an attractive increase in revenue and a hedge against inflation.
BEST-IN-CLASS CREDIT TENANT: JPMorgan Chase Bank stands as one of the highest rated retail tenants in the net lease market and boasts a high investment-grade long-term credit rating of AA- (S&P) and Aa2 (Moody’s).
GROUND LEASE: Chase Bank has an Absolute NNN Ground Lease and is responsible for all operating expenses, repairs, maintenance, and replacements to the entire property (building and grounds).
OUTSTANDING LOCATION: Chase Bank enjoys outstanding frontage and visibility along Mechanicsville Turnpike (US Route 360), the area’s primary commercial and commuter corridor. The Property is shadow anchored by Kroger and is surrounded by national retailers and restaurants, all of which drive traffic to the area. Chase Bank is 2.2 miles from Interstate 295, 5-miles from Bon Secours Memorial Regional Medical Center, and 9 miles from Downtown Richmond.
TRADE AREA: Additional retailers bringing consumers to the immediate trade area include Target, Walmart Supercenter, Home Depot, Lowe’s, Kroger, Publix, Aldi, Food Lion, Kohl’s, BJ’s Wholesale Club, Tractor Supply Co, Harbor Freight, Planet Fitness, PetSmart, Marshalls, CVS, Walgreens, Dollar Tree, AutoZone, Advance Auto Parts, Outback Steakhouse, Ruby Tuesday, Panera, Chipotle, Chick-fil-A, Starbucks, McDonald’s, Wendy’s, KFC, Sonic, Zaxby’s, Crumbl, IHOP, Waffle House, Jersey Mike’s, Dominos, Papa Johns, Cook Out, 7-Eleven and Wawa.
HIGH TRAFFIC COUNTS: Approximately 29,500 vehicles per day pass by the property along Mechanicsville Turnpike (US Route 360).
STRONG DEMOGRAPHICS: Over 31,100 people live within 3-miles of the Property with an average household income of $131,695. More than 68,200 people live within a 5-mile radius of the Property with an average household income of over $118,311.
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