Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Hampton, VA - Chase Bank
1700 W Mercury Blvd | Hampton, VA 23666
Description
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, newly constructed, investment grade (S&P: A+), drive-thru equipped, Chase Bank investment property located in Hampton, Virginia. The newly constructed building is located at the signalized, hard corner intersection within the Peninsula Town Center, ensuring excellent visibility & market presence. The tenant, JPMorgan Chase Bank, NA, recently signed a brand new 15-year lease with 4 (5-year) option periods 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, growing NOI and hedging against inflation. The lease is signed by the corporate entity (S&P: A+), and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide.
Location
Chase Bank is strategically located at the signalized, hard corner intersection of W. Mercury Boulevard and Coliseum Drive, a primary retail and commuter junction, with
an average of over 96,400 combined vehicles passing daily. The building (currently under construction with an estimated delivery in October 2024) features high-quality materials, distinct Chase Bank design elements, and state-of-the-art bank features. Additionally, the asset is equipped with a drive-thru ATM, providing ease and convenience for customers. The subject property is an outparcel to Peninsula Town Center, a massive mixed-use center spanning 1,450,000 square feet across 72 acres. It’s the third most visited lifestyle center in Virginia, attracting over 7.3 million visitors annually (per Placer.ai). Hosting more than 70 tenants, including popular brands like Target, Barnes & Noble, JCPenney, Floor & Décor, and many others, the property is a bustling hub of activity. Moreover, it incorporates 150,000 square feet of office space and four residential and hospitality complexes: The Chapman (213 units), Axis Apartments (169 units), Element Hotel (127 keys), and Axis Lofts (23 units). The investment is in a dense retail corridor with national/credit tenants such as Walmart Supercenter, Bass Pro Shop, Kroger, Lowe’s, Walmart Neighborhood Market, BJ’s, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The subject property benefits from excellent visibility and access with significant street frontage and a large monument sign. Furthermore, Chase Bank is strategically positioned less than a quarter mile away from the on/off ramps to I-64 (174,000 VPD). The 5-mile trade area is supported by over 199,600 residents and 115,500 daytime employees, with average household incomes of $81,938.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215