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Chase Bank Ground Lease, Conroe, TX

Chase Bank Ground Lease

TX, USA

Price $3,210,000
Cap Rate
NOI
Lease Term 10.5 Years Remaining
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, Utilities, and Maintenance, Including Roof and Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2008
Building Size 4,316 SF
Lot Size 0.80 Acres (34,912 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial.

Investment Highlights

ABSOLUTE NNN GROUND LEASE TO INVESTMENT GRADE TENANT
» Long-term NNN ground lease with no landlord management responsibilities
» Corporate lease to JP Morgan Chase (NYSE: “JPM”), rated “A+” by Standard & Poor’s
» 10% rental increases every five years, providing a hedge against inflation
» JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States and has over $2.6 trillion in assets

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 131,280 vehicles per day at the signalized intersection of Interstate 45 and FM 3038
» Located within Teas Crossing, a JCPenney-anchored retail center that will feature approximately 500,000 square feet of retail space upon completion
» Other notable tenants located in the dense retail corridor surrounding the property include Kroger, Home Depot, Target, Academy Sports + Outdoors, Hobby Lobby, Walmart Supercenter, Sam’s Club, and Lowe’s

CLOSE PROXIMITY TO LARGE SCHOOLS, EMPLOYERS, AND RESIDENTIAL DEVELOPMENTS
» Minutes from Willis High School (2,009 students), Peet Junior High (1,344 students), and Conroe High School (3,634 students)
» Near Conroe Park North, a 1,655-acre industrial park tenanted by major employers like National Oilwell Varco (500 employees) and MS Energy Services (1,000 employees)
» Close to a number of significant housing developments, including Graystone Hills, which will feature 780 homes upon completion, and The Woodland Hills, which is slated to include over 4,500 homes

EXPLOSIVE POPULATION GROWTH IN AREA
» Between 2010 and 2018, the population within one mile of the property grew over 63%, and the population is expected to grow an additional 20% between 2018 and 2023 within the same radius
» Conroe was the fastest growing large city in the United States between 2015 and 2016
» Conroe’s population is expected to reach 100,000 residents by 2020


Property Description

SOLD

The property is strategically located at the signalized intersection of Interstate 45 and FM 3038, with excellent visibility and access to 131,280 vehicles per day. The property is located within Teas Crossing, a JCPenneyanchored retail center that will feature approximately 500,000 square feet of retail space upon completion. Notable tenants within Teas Crossing include Verizon, Massage Envy, Firehouse Subs, Olive Garden, and many more. Conroe Marketplace, which is located across from the property, is another large shopping center, tenanted by T.J. Maxx, Kohl’s, PetSmart, Ulta, Ross, Ashley Furniture, and The Children’s Place. Other notable tenants located in the dense retail corridor surrounding the property include Kroger, Home Depot, Target, Academy Sports + Outdoors, Hobby Lobby, Walmart Supercenter, Sam’s Club, and Lowe’s.

The property is close to a number of schools, large employers, and new residential developments. Several schools are located just minutes from the property, including Willis High School (2,009 students), Peet Junior High (1,344 students), and Conroe High School (3,634 students). Additionally, the property is also near Conroe Park North, a 1,655-acre industrial park tenanted by major employers like National Oilwell Varco (500 employees) and MS Energy Services (1,000 employees). The property is also a short distance from a number of significant housing developments, including Graystone Hills, which will feature 780 homes upon completion, and The Woodland Hills, which is slated to include over 4,500 homes. These residential developments continue the trend of population growth in the area surrounding the property. Between 2010 and 2018, the population within one mile of the property grew over 63%, and the population is expected to grow an additional 20% between 2018 and 2023 within the same radius.

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