SRS Real Estate Partners announced today the ground lease (land ownership) sales of two Chase Bank properties in the Virginia cities of Manassas and Hampton with a combined value of more than $8 million. Both assets have new long-term, corporate-guaranteed absolute triple net ground leases in place with favorable lease terms and scheduled rent increases.
Following is information on each property:
Located at 9560 Liberia Avenue in Manassas, VA, the Chase property totals 3,400 square feet (sf) and is situated on 0.61 acres. Chase backfilled a former Capital One/Chevy Chase bank branch which was remodeled in 2022. The property sold for $3.95 million. SRS’ Capital Markets team of Andrew Fallon, Patrick Nutt and William Wamble represented the seller, a New York-based investment partnership. The all-cash buyer was a California-based private investor, who made the acquisition as part of a 1031 exchange. The closing cap rate was 5%.
Located at 1700 W. Mercury Boulevard in Hampton, VA, the Chase property totals 3,322 sf and is situated on 0.8 acres. The property sold for $4.225 million and was brand-new construction having been built in 2024. The Chase pad is a well-situated outparcel to the 1.45 million-sf Peninsula Town Center. Matthew Mousavi, Patrick Luther and Andrew Fallon represented the seller, a Dallas, TX-based developer. The buyer was a California-based private investor who was in a 1031 exchange. The closing cap rate was 5.05%.
“These Chase-occupied assets are best-in-class in terms of credit, location, and quality of real estate. They provide these private buyers the opportunity to own passive, cash-flowing investments in dense and vibrant retail trade areas within major Virginia markets,” said Fallon, EVP and Managing Principal with SRS. “We garnered a number of offers on each of these properties and were able to successfully execute for our clients. Our SRS Capital Markets team continues to see significant demand for net lease retail assets that offer a solid tenancy and long-term fundamentals.”
He noted that SRS is working on two other Chase Bank ground lease sales in Rockville, MD and Washington, D.C.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.