Chase Bank Abs NNN Ground Lease with 3.5 Years Remaining in Fort Wayne, IN
Tenant Since 1975 – Nearly 50 Years of Tenancy with History of Five Renewals, All at Increasing Rents
Bite-Size Deal: Cheap $61K Ground Rent, Low $1M Price Point and $364/SF on Building GLA
Strong Deposits of $155.3 Million as of June 2022 – Up 59% in Trailing 5 Years and 30% Trailing 3 Years; Averaging Double-Digit Deposit Growth YOY
True Abs NNN Ground Lease – Zero Landlord Responsibilities
Outparcel to Target-Anchored Northwood Plaza with Pet Supplies Plus, Dollar Tree, Penn Station, SportClips, GameStop, USPS, and More
10% Rent Increase in 1.5 Years Adds 60 bps to CAP Rate (6.6% at List Price); Additional 10% Rent Increases in Each Option
Strong Intrinsic Value in the Site: Prime 0.785-Acre Outparcel on Major Arterial, Directly Adjacent to Target Along Signalized Entrance Drive
Strong Traffic Counts of 23,300 VPD on Maplecrest Road; Just North of Major Signalized Intersection at Stellhorn Road with a Combined 43,600 VPD
JPMorgan Chase Bank, NA is the Lessee Entity – High Investment-Grade Credit Rating (S&P A-/Stable)
JPMorgan Chase: Largest Bank in the U.S. with $3.7 Trillion Assets & $2.4 Trillion Deposits; $400 Billion Market Capitalization
Chase Bank has Top Market Share in the Fort Wayne Market with $2 Billion of Deposits Locally (21.5% Market Share); Next Closest Major National Bank is PNC with 9.8% Market Share
Convenience-Oriented Neighborhood Location – Situated Near Intersection of the Area’s Two Primary Arterials Amongst Retail Pocket with Big Lots, Planet Fitness, McDonald’s, Pizza Hut, Advance Auto, Culver’s, Walgreens, Burger King, Fazoli’s, Taco Bell, KFC, Rally’s, Goodyear, Arby’s, Verizon, and More
Dense Infill Suburban Demos: 9,624/1-Mi & 67,141/3-Mi Population Counts; 1-Mile AHHI of $79K
Fort Wayne MSA – #3 Largest MSA in Indiana Behind Indianapolis & Gary/Chicagoland; Home to 420,000+ Residents with Major Employers Including Parkview Health, GM, Lutheran Health, Sweetwater Sound, Lincoln Financial Group, Amazon, BF Goodrich, Dana, BAE Systems, and More