Description de l'actif
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the ground lease interest in a freestanding single-tenant Chase Bank located at 488 W Liberty Street in Wauconda, IL.
This Asset features an investment grade corporate guaranty from JPMorgan Chase Bank (S&P: ‘A-’) and is operating on a 20-year absolute triple net lease with zero landlord responsibilities and four, five-year renewal options. Notably, the Tenant reported $181.3M in deposits in 2022, which represents an outstanding 80% deposit growth since 2017.
Located 45 miles northwest of downtown Chicago, the Property is positioned in a highly affluent suburb with access to over 70,000 residents in a five-mile radius. The Property’s retail submarket, Central Northwest, boasts 14.5 million square feet of inventory and is supply constrained with 6.3% vacancy. The submarket performs exceptionally well with 10.9% rent growth since 2019. Situated across from Liberty Square Shopping Center, the area has attracted notable national tenants including Jewel-Osco, Tractor Supply, Dollar Tree, and Ace Hardware, among many others.
This rare opportunity allows investors the ability to acquire a high performing bank branch located in a fundamentally strong and affluent Chicago suburb. The asset offers secure, long-term cash flow backed by one of the world’s largest financial institutions.
Caractéristiques de l'actif
Points clés d'investissement
- 100% corporate guaranteed by JPMorgan Chase Bank, which operates 4,790+ bank branches and boasts an outstanding investment grade credit rating (S&P: A-).
- Initially constructed as a build-to-suit for the Tenant in 2008, JPMorgan Chase has a proven commitment to the site with 14+ years of operating history with over $181M in deposits.
- 6.3 years of absolute NNN lease term, zero landlord responsibilities, and four, five-year renewal options offer secure long-term cash flow.
- Ideally positioned along a high trafficked roadway of 49,000+ VPD with access to 70,000 residents in a 5-mile radius.
- Highly affluent resident-base that earns $160,000 in average household income in a 5-mile radius.