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Bank

Chase Bank

353 W 83rd St, Chicago, IL 60620

Listing Price: $3,800,000

Cap Rate
5.10%
Tenant Name
J.P. Morgan Chase
Years Remaining On Lease
11.3
Guarantor
Corporate Guarantee
Rentable SF
4,120
Lease Type
NNN Ground Lease
Rent Per Square Feet
$46.99

Investment Overview

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 3,895 square feet on a parcel of land measuring approximately 32,400 square feet. The bank was recently constructed and completed in March 2014. The bank features four drive-thru lanes and ample parking around the property. The bank is featured prominently to the Lowe's and Walmart shadow anchors and was constructed in 2013 to meet the demands of a growing market. Features of the improvements include signage, multiple points of ingress and egress, four drive-thru lanes and ample parking surrounding the subject property. 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 April 2033 with four ?ve-year options to extend. The lease has strong rental increases of 10 percent every ?ve years. Chase Bank offers more than 5,650 branches, 16,000 ATMs nationwide and has an estimated 3.386 trillion dollars in assets. 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 pro?le retail developments of the last decade. The improvements exceed $100 million and garnered over $30 million in City of Chicago tax increment ?nancing. 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 traf?c counts exceeding 264,805 vehicles per day.

Investment Highlights

  • Nearly 12 Years Remaining on Absolute Net Ground Lease Featuring 10% Increases Through Term and Options
  • NEW YORK, June 2, 2021 (Reuters) - JPMorgan Chase & Co (JPM.N) is halfway through a campaign to open 400 new bank branches and is closing in on being the first U.S. bank to have major presence in US
  • Located in Densely Populated Chicago Suburb of Chatham Market
  • "Gateway" parcel to Destination Retail: Grocery, Tools & Hardware, Theater, Food, Services
  • Dominant Essential Retailer Synergies: Lowe's, Walmart, Aldi, Food 4 Less
  • Close Proximity to Interstate-94 with 264,805 Vehicles Per Day
  • 268,000+ Population in a 3-Mile Radius

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

Financing By

Listing Price: $3,800,000

Cap Rate
5.10%
Tenant Name
J.P. Morgan Chase
Years Remaining On Lease
11.3
Guarantor
Corporate Guarantee
Rentable SF
4,120
Lease Type
NNN Ground Lease
Rent Per Square Feet
$46.99

Investment Highlights

  • Nearly 12 Years Remaining on Absolute Net Ground Lease Featuring 10% Increases Through Term and Options
  • NEW YORK, June 2, 2021 (Reuters) - JPMorgan Chase & Co (JPM.N) is halfway through a campaign to open 400 new bank branches and is closing in on being the first U.S. bank to have major presence in US
  • Located in Densely Populated Chicago Suburb of Chatham Market
  • "Gateway" parcel to Destination Retail: Grocery, Tools & Hardware, Theater, Food, Services
  • Dominant Essential Retailer Synergies: Lowe's, Walmart, Aldi, Food 4 Less
  • Close Proximity to Interstate-94 with 264,805 Vehicles Per Day
  • 268,000+ Population in a 3-Mile Radius

Investment Overview

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 3,895 square feet on a parcel of land measuring approximately 32,400 square feet. The bank was recently constructed and completed in March 2014. The bank features four drive-thru lanes and ample parking around the property. The bank is featured prominently to the Lowe's and Walmart shadow anchors and was constructed in 2013 to meet the demands of a growing market. Features of the improvements include signage, multiple points of ingress and egress, four drive-thru lanes and ample parking surrounding the subject property. 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 April 2033 with four ?ve-year options to extend. The lease has strong rental increases of 10 percent every ?ve years. Chase Bank offers more than 5,650 branches, 16,000 ATMs nationwide and has an estimated 3.386 trillion dollars in assets. 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 pro?le retail developments of the last decade. The improvements exceed $100 million and garnered over $30 million in City of Chicago tax increment ?nancing. 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 traf?c counts exceeding 264,805 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

Financing By

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