A newly-built, free-standing Chase Bank in San Clemente, CA has sold for for $4.3 million in an all cash transaction. An undisclosed private investor acquired the asset that closed at a cap rate of 3.25%, setting a record as the lowest cap rate nationally for a Chase Bank-leased property.
Paragon Commercial Group owned and developed the site at 925 Avenida Pico, in collaboration with JPMorgan Chase Bank. The property is a prototype branch facility featuring a drive-thru, and is on a long-term, absolute triple net lease with the tenant, JPMorgan Chase Bank.
SRS Real Estate Partners’ National Net Lease Group’s Patrick Luther and Matthew Mousavi represented both the buyer and seller. Additional seller representation was delivered by SRS’ Garrett Colburn and Michael Fowle.