Chase Bank (GL)

6544 Lyndale Avenue South, Richfield, MN 55423

$2,590,000

Cap Rate 5.00%

Views: 36 DOM: 91 Updated: 04.15.24 Posted: 02.17.24 Status: Active

Summary

Price $2,590,000	Built/Renov 2020	Tenant Chase Bank (GL)
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 3,720	Lease Start 12-20-2020	#Units 5,100
Price/SF $696.24	Expiration 12-31-2040	Tenant Type Bank/Financial
NOI $129,500	R. Term 16.7	Ownership Ground Lease
Rent/SF $34.81	Increases 10.0%/1/yrs	Pop 5Mi 333,102
Lot/AC 0.43	Options 4/5yrs/10%	AHHI 5Mi $129,790

Lease Highlights

Chase Bank has 16+ years remaining on the current ground lease term with 4 (5-year) options to extend
The lease features 10% rental escalations every 5 years throughout the initial term and each option period
Absolute NNN | Zero landlord responsibilities
Corporate guarantee (NYSE: JPM)
Investment grade tenant (S&P: A-)

Location Description

Chase Bank is strategically located on a hard corner at the intersection of Lyndale Avenue South and West 66th Avenue, with access to a combined daily traffic count of 30,697 vehicles. Moreover, it offers convenient access to Interstate 35W, boasting a substantial daily traffic count of 104,898 vehicles, situated less than half a mile to the west. Additionally, the property functions as an...

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Key Features

Build to suit
Near major nationals
Shopping Ctr out-parcel
Freeway close
Strong demographics
Long 15+ yr lease
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Chase Bank Wikipedia Chase Bank Wikipedia Richfield, Minnesota Zip Code 55423 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Chase Bank
Guarantor:Corp T and Rated
Company:JPMorgan Chase & Co.
# Units:5,100
Tenant S&P: A-
Moody’s: A1
Stock: NYSE: JPM

About Tenant

JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank. Founded in 1877, The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000....

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	15,609	136,971	340,604
2023 Total Population :	15,130	134,669	333,102
2023 Employed Civilian Pop :	7,841	75,664	194,397
2023 Total Businesses :	387	5,376	13,530
2023 Average Household Income :	$ 102,755	$ 139,844	$ 129,790
2023 Total Consumer Spending :	$ 596 M	$ 6714 M	$ 16162 M
2023 Median Age :	42	41	39
2023 Total Households :	6,722	56,256	145,214
2023 Pop Age 25+: Bachelor's Degree :	3,589	34,134	87,330
2023 Average Home Value :	$ 377,433	$ 466,769	$ 471,218

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
W 65th St	Woodlake Dr	2017	4,700	0.04 mi
Lyndale Avenue South	W 66th St	2022	12,900	0.06 mi
Lyndale Avenue South	W 66th St	2022	11,600	0.08 mi
West 65th Street	Pleasant Ave S	2022	5,700	0.13 mi
Harriet Ave S	Harriet Ave	2009	2,600	0.19 mi
Lakeshore Drive South	Lyndale Ave S	2022	3,650	0.20 mi
West 66th Street	Lakeshore Dr S	2022	17,957	0.25 mi
West 66th Street	Drew Ave S	2021	17,957	0.25 mi
	Lakeshore Dr	2022	12,400	0.25 mi
Lyndale Ave S	W 68th St	2017	12,400	0.28 mi

Listing Broker

Chris Bosworth

CBRE

Contact

122 Listings
6064 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

123 Listings
6106 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

126 Listings
6183 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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