Murrieta, CA - Chase Bank

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, corporate signed, investment grade (S&P: A+), drive-thru equipped, Chase Bank investment property located in Murrieta, CA (Temecula MSA). The tenant, JPMorgan Chase Bank, recently signed a brand new 20-year lease with 3 (5-year) option periods 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, growing NOI and hedging against inflation. The lease is signed by the corporate entity (S&P: A+), and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. With roots tracing back to 1799, Chase Bank is one of the worldâ€s leading financial institutions with over $3.38 Trillion in assets as of March 2024. Chase Bank just had their grand opening (3/26/24) and features a state-of-the-art design using high quality materials.

Chase Bank is located along Clinton Keith Road with clear visibility and access to 13,000 vehicles passing by daily. The asset benefits from direct on/off ramp access to Interstate 215 (110,000 VPD), a major thoroughfare connecting the Los Angeles MSA, making this an ideal, centralized location with easy commutes for both employees and customers. The subject property is ideally situated within The Vineyard Shopping Center, a 26.3-acre shopping center anchored by Costco Wholesale and ALDI. Other nearby national/credit tenants include Target, Tractor Supply Co., Starbucks, Marshalls, Albertsons, Stater Bros, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, the asset is strategically positioned within an expanding retail corridor with numerous plans for development including a 522 single-family residential project in Murrieta Hills, a 210-unit apartment complex near I-15, a 56,060 SF commercial and retail center 3-miles southeast of the site, and more. Furthermore, the property is within walking distance to several single-family communities and multi-family complexes including Sonoma at Mapleton (193 units), Mitchell Place (230 units), Pacific Landing (325 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 208,800 residents and 48,800 daytime employees. Residents within one mile of the subject property boast an affluent annual average household income of $157,202.