Layton, UT - Chase

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, corporate signed, freestanding, Chase Bank investment property located in Layton, Utah (Salt Lake City MSA). The tenant, JPMorgan Chase & Co., has operated under this lease since 1979 and has approximately 5 years remaining on its term with 2 (5-year) option periods to extend. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The property is strategically located along N. Hill Field Road, with an average of 46,400 vehicles passing by daily. The asset benefits from seamless access to the on/off ramps to Interstate-15 (114,000 VPD), providing ease and convenience for customers. The investment is an outparcel to the heavily trafficked Layton Hills Mall, serving over 3.5 million visitors per year (per Placer.ai). Layton Hills Mall features 125 tenants, including JCPenney, Dick’s Sporting Goods, Dillard’s Department Store, Buffalo Wild Wings, and Texas Roadhouse. Strong tenant synergy promotes crossover shopping to the subject property. Located in a dense retail corridor, nearby national/credit tenants include Walmart Supercenter, Target, Lowe’s, Sam’s Club, Hobby Lobby, and Office Depot. The subject property is located 7 miles from Hill Air Force Base, a major U.S. Air Force Base with over 25,000 personnel working on-site and an annual economic impact of nearly $5 billion. The aerospace and defense sectors have an enormous economic impact and will continue to bring high-paying jobs to the area. Moving forward, nearby apartment complexes include Layton Meadow Apartments (334 units), Sterling Pointe Apartments (320 units), Fox Creek Apartments (186 units), and Autumn Hills Apartments (72 units), providing a direct consumer base to draw from. The 5-mile trade area is supported by over 187,600 residents and 51,500 employees, who boast affluent average household incomes of $130,397.