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3/10/15
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Two single-tenant, NNN Chase Bank properties in SoCal sold in separate transactions totaling more than $9 mil and in deals that came in with cap rates under 4%. The properties are located in Temecula and Laguna Hills.
In Temecula, a private investor from Fremont, CA paid $4.53 mil for an absolute triple-net ground lease occupied by a single-tenant Chase Bank at 26411 Ynez Rd. Built in 1990, the 6k sf Chase Bank building is situated on a .63-acre single-tenant pad at the signalized intersection of Ynez Rd and Winchester Rd and includes a drive-thru. Other tenants at the center include Food 4 Less, Pier1 Imports, TJ Maxx, Hobby Lobby, Dollar Tree and Kmart.
Hanley Investment Group's Senior Vice President Jon Selznick and Senior Vice President Pat Kent represented the seller, a private investor from Torrance. The buyer was repped by Hanley Investment Group's Senior Vice President Jeremy McChesney.
The deal had a cap rate of 3.99 percent. The listing generated multiple cash offers and landed a 1031 exchange buyer within four days of going to market.
"As far as we are aware, this is the lowest cap rate nationwide for a single-tenant net-leased bank with a primary term of less than 10 years remaining," said Selznick. "It is a testament to the premium location of this asset at a hard-corner and busy signalized intersection and the continued cap rate compression we are seeing in the single-tenant net-leased market due to supply/demand drivers."
24799 Alicia Pkwy, Laguna Hills |
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In the Laguna Hills transaction, a private investor paid $4.56 mil for a NNN ground lease occupied by a single-tenant Chase Bank at 24799 Alicia Pkwy. Built in 2013, the 4.4k sf Chase Bank building is situated on a 33k sf, single-tenant pad at the signalized intersection of Alicia Pkwy and Hon Ave and includes a drive-thru.
Over 19.5 years remain on the initial 20-year ground lease. The deal came in at a record breaking cap rate of 3.84 percent.
Hanley’s Selznick represented the seller, a private investor from Agoura Hills. The buyer was repped by Art Flores and Brian Cole of CBRE in Newport Beach.
Hanley’s Selznick and Eric Wohl are also currently marketing for sale an absolute triple-net ground lease occupied by a single-tenant Chase Bank in Phoenix at 3131 E. Lincoln Drive. Built in 2007, the 2.5k sf Chase Bank building is situated on a 21.7k sf, single-tenant pad near the signalized intersection of 32nd St and Lincoln Dr, and includes a drive-thru. Approximately 11.5 years remains on the initial 20-year ground lease. The listed price is $5.775 mil.
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