Lansing, IL - Chase Bank

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee (land ownership) in an absolute NNN leased, Chase Bank investment property located in Lansing, Illinois. The tenant, Chase Bank, has 5-years remaining on their original 20-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 at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. As of June 2024, this branch has over $42MM of deposits, up from $24MM five years ago (75% Increase).

The Chase Bank is located near the signalized, hard corner intersection of State Highway 83 and Interstate 80 combining to average over 176,300 vehicles per day. State Highway 83, is a major retail thoroughfare serving the city of Lansing. The Chase Bank is located within walking distance to River Oaks Center, a 850,000+ square foot shopping mall anchored by a Macy’s and JCPenny, with many other national/credit tenants such as Bath & Body Works, Victoria Secret, The Look, Finish Line and many more. The asset is adjacent to an ALDI Supermarket, Dollar Tree, The Home Depot, Dollar General and more. In addition, Chase Bank is also across from Landings Shopping Mall, a 150,000+ square foot center anchored by Burlington and Forman Mills. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a White Castle, Buffalo Wild WIngs, Taco Bell, McDonalds, Wendy’s, Culvers, Sherwin-Williams, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 238,130 and 86,936 employees with an average household income of $80,169.