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Bank

Chase Bank

353 W 83rd St, Chicago, IL 60620

Listing Price: $4,050,000

Cap Rate
4.35%
Tenant Name
J.P. Morgan Chase
Years Remaining On Lease
11.6
Guarantor
Corporate Guarantee
Rentable SF
4,120
Lease Type
NNN Ground Lease
Rent Per Square Feet
$42.72

Investment Overview

Marcus & Millichap is pleased to present for sale a Chase Bank Ground Lease located at 353 West 83rd Street in Chicago, Illinois. The property consists of a freestanding retail bank building measuring approximately 4,120 square feet on a parcel of land measuring approximately 32,400 square feet. The bank was recently constructed and completed in April 2014. The ground lease is an absolute triple-net with no landlord responsibility leased to J.P. Morgan Chase. The original lease term is a 20-year ground lease which runs through December 2032 with four five-year options to extend. The lease has strong rental increases of 10 percent every five years. The property is located in Chicago's Chatham neighborhood approximately 10 miles from Downtown Chicago. Chatham Market Center is anchored by Walmart Supercenter and Lowe's Home Improvement. Chatham Market is on a short list of Chicago's highest profile retail developments of the last decade. The improvements exceed $100 million and garnered over $30 million in City of Chicago tax increment financing. The development covenants mandate that all tenants are held to extremely high architectural standards which include brick facades, wrought iron fencing and robust landscaping. Other tenants in the center include Aldi, Auto-Zone, Burlington, Food 4 Less, Game Stop, Home Depot, Planet Fitness and Potbelly. Nearby tenants include Marshalls, Starbucks, Verizon, Bank of America and more. The property is situated immediately west of Interstate-94, one of Chicago's busiest freeways with traffic counts exceeding 233,000 vehicles per day.

Investment Highlights

  • Absolute Triple Net (NNN) Corporate Ground Lease with No Landlord Responsibilities
  • 10 Percent Rent Increase Every Five Years with Next Increase in April 2022
  • Brand New Construction Completed in 2014
  • Outparcel to Walmart Supercenter
  • Within Proximity to Strong National Retailers

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Listing Price: $4,050,000

Cap Rate
4.35%
Tenant Name
J.P. Morgan Chase
Years Remaining On Lease
11.6
Guarantor
Corporate Guarantee
Rentable SF
4,120
Lease Type
NNN Ground Lease
Rent Per Square Feet
$42.72

Investment Highlights

  • Absolute Triple Net (NNN) Corporate Ground Lease with No Landlord Responsibilities
  • 10 Percent Rent Increase Every Five Years with Next Increase in April 2022
  • Brand New Construction Completed in 2014
  • Outparcel to Walmart Supercenter
  • Within Proximity to Strong National Retailers

Investment Overview

Marcus & Millichap is pleased to present for sale a Chase Bank Ground Lease located at 353 West 83rd Street in Chicago, Illinois. The property consists of a freestanding retail bank building measuring approximately 4,120 square feet on a parcel of land measuring approximately 32,400 square feet. The bank was recently constructed and completed in April 2014. The ground lease is an absolute triple-net with no landlord responsibility leased to J.P. Morgan Chase. The original lease term is a 20-year ground lease which runs through December 2032 with four five-year options to extend. The lease has strong rental increases of 10 percent every five years. The property is located in Chicago's Chatham neighborhood approximately 10 miles from Downtown Chicago. Chatham Market Center is anchored by Walmart Supercenter and Lowe's Home Improvement. Chatham Market is on a short list of Chicago's highest profile retail developments of the last decade. The improvements exceed $100 million and garnered over $30 million in City of Chicago tax increment financing. The development covenants mandate that all tenants are held to extremely high architectural standards which include brick facades, wrought iron fencing and robust landscaping. Other tenants in the center include Aldi, Auto-Zone, Burlington, Food 4 Less, Game Stop, Home Depot, Planet Fitness and Potbelly. Nearby tenants include Marshalls, Starbucks, Verizon, Bank of America and more. The property is situated immediately west of Interstate-94, one of Chicago's busiest freeways with traffic counts exceeding 233,000 vehicles per day.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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