Newport Beach, Calif. (March 9, 2018) – SRS Real Estate Partners’ National Net Lease Group announced the recent sale of a Chase Bank in San Clemente, Calif., for $4.3 million in an all cash transaction. The brand new, free-standing location with a drive-thru is on a long term, absolute triple net lease with the tenant, JPMorgan Chase Bank.
The property received a substantial amount of interest from the marketplace and multiple offers were received. Ultimately the property was sold to an all cash, private investor immediately upon going to market and closed at a cap rate of 3.25%, setting a record as the lowest cap rate nationally for a Chase Bank leased property according to CoStar.
“Our team worked on this property in collaboration with the Chase Bank and SRS teams for several years and it was great to see the new prototype branch successfully open. This transaction is an excellent example of teamwork and we were pleased to be an integral part of the effort in delivering another quality project in a high barrier to entry market, in the most dominant center in the trade area, to a best in class operator, Chase Bank,” said Brad Rable, director of investments at Paragon Commercial Group, who owned and developed the site in collaboration with JP Morgan Chase Bank.
“Chase Bank in San Clemente represented a high quality, unique investment opportunity,” said Matthew Mousavi, managing principal of the NNLG. “The site is well located in an affluent South Orange County market with significant barriers to entry and featured excellent real estate fundamentals, was newly constructed, and was under a long-term net lease with the largest banking institution in the country, thus appealing to a specific profile of investor.”
The buyer and seller were both represented by Patrick Luther and Matthew Mousavi, managing principals of the National Net Lease Group, with additional seller representation from Garret Colburn, EVP and market leader, and Michael Fowle, first vice president in SRS’ Newport Beach office.
About SRS Real Estate Partners
SRS Real Estate Partners (SRS) is the largest national real estate company in the country exclusively dedicated to retail services. Headquartered in Dallas with multiple offices nationwide, SRS’ strong presence across the country provides the company with unparalleled local knowledge on a national platform. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. For more information, please visit srsre.com.
About Paragon Commercial Group
Paragon Commercial Group opportunistically invests into value-add acquisition and tenant-driven retail development and redevelopment opportunities. With over 80 years of collective retail experience and a retail resume in excess of 12 million square feet of neighborhood and community centers, Paragon’s deep market knowledge and tenant relationships provide a grass roots pipeline of retail investment opportunities. Paragon enters into each development with a commitment to quality that extends to each constituency involved in the development process including, investors, government agencies, lenders, property owners, tenants and clients. For more information, please visit www.ParagonCommercialGroup.com.