Property details
Florida Chase Bank NNN Ground Lease For Sale, Southeast Region
Property Description
Florida Chase Bank NNN Ground Lease For Sale
Located in an Income Tax Free State!
This is a Private, Confidential and Off-Market Offering. This property is quietly being offered and is not being widely marketed on commonly used large listing services.
Losing out on properties as fast as you see them? Tip: Shoot first, then aim later. If a property hits most of your high points, move to lock it up first with our Non-Binding Letter of Intent ("LOI") rather than over-analyzing then losing the property when ready to pull the trigger. Email or call us at (800) 664-1031 to request that we send you our buyer-friendly LOI.
Two ground leases avaialble.
The developers are experiencing an extraordinary amount of interest from Buyers for these properties.
About a year and a half ago, Publix purchased the shopping center across the street that includes both Publix and Walgreens. The Walgreens lease is at the end of its term and is relocating its long established store from an in line space onto this new site. Both Tenants, Chase and Walgreens, are fully permitted and await the delivery of the property for construction.
Currently, the entire property is leased by Wells Fargo. The Wells Fargo lease expires on July 14, 2012. Assuming Wells Fargo does not leave early and vacates on July 14th, the property will be turned over to Walgreens and Chase on July 15th. The owners are in the process of negotiating a document whereby Wells Fargo vacates the premises on May 31, 2012. . If Wells Fargo vacates on May 31, the property will be turned over to Walgreens and Chase on June 1. We will know more about the Wells Fargo termination in the very near future.
The Chase annual rent is $119,500.00 with 10% increases every 5 years. Rent start date is 151 days after the property is turned over.
Walgreens annual rent $255,000.00. Rent start date is 210 days after the property is turned over, or when Walgreens opens for business, whichever occurs first.
At this point, if a buyer wants to contract to close on the Chase upon rent commencement and on the Walgreens store before the end of 2012 the developer is interested in talking. They will sell them separately or together. They will not contract with anyone that could extend the closing into 2013.
The price for the Chase Ground Lease is a 5% cap, the price for the Walgreens Ground lease is a 5.75% cap. With the amount of unsolicited activity they are receiving, these prices are firm.
Lease dates shown are example only.
Latest Net Lease Arrivals
Latest Ground Lease Arrivals
About the Tenant
JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here's where JPMorgan Chase stands today:
JPMorgan Chase is a leading global financial services firm with assets of $2 trillion.
JPMorgan Chase operates in more than 60 countries.
JPMorgan Chase has more than 200,000 employees.
JPMorgan Chase serves millions of consumers, small businesses and many of the world's most prominent corporate, institutional and government clients.
JPMorgan Chase is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
JPMorgan Chase's stock is a component of the Dow Jones Industrial Average.
Images
Highlights
- Status:
- Sold
- Price:
- $2,390,000
- Cap Rate:
- 5.00%
- Annual Rent:
- $119,500
- Rent Increases:
- Inquire
Property Information
- Property Type:
- Ground Lease
- Industry Type:
- Bank / Credit Union
- Units/Spaces:
- 1
- Year Built:
- 2012
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- JP Morgan Chase
- Lease Type:
- NNN
- Lease Commencement:
- 11/01/2012
- Lease Expiration:
- 12/01/2032
- Lease Term:
- 20 years
- Lease Remaining:
- 6.5 years
- Landlord Responsibilities:
- None - NNN
- Options:
- Four 5-Year Options
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.