Cornelius, OR - 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 Cornelius, Oregon. The tenant, JPMorgan Chase Bank, recently signed a brand new 15-year lease with 4 (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 scheduled increases of 10% or more 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 scheduled to open in April 2025.

The Chase Bank is located at the signalized, hard-corner intersection of N Adair St and N 4th Ave, combining to average over 21,200 vehicles passing by daily. The site also sits at the signalized, hard-corner intersection of W Baseline St and N 4th Ave, combining to average over 39,900 vehicles passing by daily. Baseline Street, is a major retail thoroughfare serving the city of Cornelius. The Chase Bank is located within walking distance from a 166,000+ square foot Walmart Supercenter. The asset is also in close proximity to a 178,000+ square foot Fred Meyer anchored center that also features national credit tenants such as Burger King, Panda Express, Verizon, AT&T, and Great Clips. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Starbucks, Sonic Drive-In, Walgreens, McDonald’s, Carl’s Jr, Subway, Taco Bell, Autozone, and more, further increasing consumer traffic to the site. Strong tenant synergy promotes crossover shopping to the subject property The subject property is located 2 miles from Pacific Univerity’s Forest Grove Campus with a student population of over 24,000. The 5-mile trade area is supported by a population of over 78,000 and an employee population of 26,118, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $113,424.