Selma, NC - Chase Bank

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a NNN leased, Chase Bank investment property located in Selma, North Carolina. The tenant, Chase Bank, recently signed a brand new, 15-year ground lease with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low management investment opportunity for a passive investor. The property is located in an opportunity zone, providing potential tax benefits to ownership (contact a tax advisor).

The Chase Bank is located near the intersection of Interstate 95 and US Highway 70 which combine to average over 63,400 vehicles passing by daily. Eastfield Commons is part of Eastfield, a 435-acre master-planned, mixed-use development located along I-95 that will feature multi-family housing, office, and industrial developments. The center is anchored by national/credit tenants including Academy, Marshalls, Ulta Beauty, Burlington, Hobby Lobby, and more, with a new Target that will further solidify the area as a dominant retail node. The property is in a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Lowe’s Home Improvement, PetSmart, Chick-fil-A, AT&T, Take 5 Oil Change, and more further increasing consumer traffic to the site. The subject property is in close proximity to Carolina Premium Outlets, home to nationally recognized tenants including Nike, Coach, Columbia, J.Crew Factory, Kate Spade, Levi’s, and Michael Kors. The 5-mile trade area is supported by a population of over 27,600 residents and 17,600 employees with an average household income of $73,955.

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