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Bank

Chase Bank (Ground Lease)

8027 W Grand Pkwy S, Richmond, TX 77407

Listing Price: $3,822,000

Cap Rate
4.75%
Tenant Name
Chase Bank
Years Remaining On Lease
7.5
Gross SF
3,892
Guarantor
Corporate Guarantee
Rentable SF
3,892
Price/Gross SF
$982.01
Lease Type
Ground Lease
Rent Per Square Feet
$46.63

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a corporately guaranteed Chase Bank ground lease in Richmond, Texas. The property consists of a 3,892-square foot, freestanding building that sits on approximately 1.30 acres of land. There are approximately 7.5 years remaining on the current lease term, with a 10 percent rental escalation scheduled in five years, as well as each option thereafter. The property is located at the signalized hard corner of West Grand Parkway and Mason Road, with direct frontage on the Grand Parkway Toll Road. The area is extremely dense with more than 184,706 residents within a five-mile radius. Retailers in the immediate area include Kroger Marketplace, ALDI, H-E-B, Target, Hobby Lobby, At Home, Wendy’s, McDonald’s, Goodwill, Jack in the Box, Little Caesars Pizza, Taco Bell, Starbucks, Walgreens and many more. The surrounding area has experienced rapid residential, retail and industrial growth (see page 9), with several top-selling master-planned communities within 2 miles of the property. Aliana was ranked in the Top 35 in sales nationally for the seventh year in a row and Harvest Green was ranked the 43rd top-selling master-planned community in the U.S. in 2020. Other nearby master-planned communities include Long Meadow Farms, Waterside Estates, Harvest Green, and Waterside Commons.

Investment Highlights

  • 250% Pop. Growth Since 2000 and Additional 21% Growth Projected in the Next Five Years
  • 7.5 Years Remaining on an Absolute Net Lease with a Corporate Guarantee from JPMorgan Chase
  • Huge Bank Deposits – Almost $100 Million in Consumer Deposits (as of 6/1/2020)
  • Affluent Houston Submarket - Average Household Income of Nearly $136,161 (5-Mile Radius)
  • Large 1.30 Acres Parcel with Ample Parking and Multiple Access Points
  • Hard Corner Freeway Site – Outparcel to Kroger Marketplace-Anchored Development
  • Near Several of the Top-Selling Master Planned Communities in the U.S.

Exclusively Listed By

Listing Price: $3,822,000

Cap Rate
4.75%
Tenant Name
Chase Bank
Years Remaining On Lease
7.5
Gross SF
3,892
Guarantor
Corporate Guarantee
Rentable SF
3,892
Price/Gross SF
$982.01
Lease Type
Ground Lease
Rent Per Square Feet
$46.63

Investment Highlights

  • 250% Pop. Growth Since 2000 and Additional 21% Growth Projected in the Next Five Years
  • 7.5 Years Remaining on an Absolute Net Lease with a Corporate Guarantee from JPMorgan Chase
  • Huge Bank Deposits – Almost $100 Million in Consumer Deposits (as of 6/1/2020)
  • Affluent Houston Submarket - Average Household Income of Nearly $136,161 (5-Mile Radius)
  • Large 1.30 Acres Parcel with Ample Parking and Multiple Access Points
  • Hard Corner Freeway Site – Outparcel to Kroger Marketplace-Anchored Development
  • Near Several of the Top-Selling Master Planned Communities in the U.S.

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a corporately guaranteed Chase Bank ground lease in Richmond, Texas. The property consists of a 3,892-square foot, freestanding building that sits on approximately 1.30 acres of land. There are approximately 7.5 years remaining on the current lease term, with a 10 percent rental escalation scheduled in five years, as well as each option thereafter. The property is located at the signalized hard corner of West Grand Parkway and Mason Road, with direct frontage on the Grand Parkway Toll Road. The area is extremely dense with more than 184,706 residents within a five-mile radius. Retailers in the immediate area include Kroger Marketplace, ALDI, H-E-B, Target, Hobby Lobby, At Home, Wendy’s, McDonald’s, Goodwill, Jack in the Box, Little Caesars Pizza, Taco Bell, Starbucks, Walgreens and many more. The surrounding area has experienced rapid residential, retail and industrial growth (see page 9), with several top-selling master-planned communities within 2 miles of the property. Aliana was ranked in the Top 35 in sales nationally for the seventh year in a row and Harvest Green was ranked the 43rd top-selling master-planned community in the U.S. in 2020. Other nearby master-planned communities include Long Meadow Farms, Waterside Estates, Harvest Green, and Waterside Commons.

Exclusively Listed By

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