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3/30/20
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An L.A.-based private investor paid $5.1 mil for the absolute triple-net ground lease for a newly constructed, single-tenant Chase Bank in Anaheim. The new 4k sf bank building, which opened earlier this year, sits on 0.50 acres and is located at 545 N. Euclid St.
The property is at a shared signalized intersection with Anaheim Plaza, just five minutes from Disneyland. It offers excellent visibility and multiple points of ingress/egress.
The Chase Bank is a new prototype building with a drive-thru ATM. Chase Bank relocated across the parking lot from an older format building at the corner of Euclid St and Crescent Ave. The site is directly across from Anaheim Plaza, which includes national and regional tenants Walmart, Smart & Final, El Super grocery store, T.J.Maxx, Ross Dress For Less, Old Navy, Party City, Petco, ULTA Beauty, Five Below, AAA Auto Club, Bank of America, Citibank, Supercuts, Verizon, Rubio’s Fresh Mexican Grill, and others.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the buyer in the deal. The property was developed and sold by by SunCoast Properties Inc, which was repped by SRS Real Estate Partners’ Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter.
This Chase Bank is situated just two miles northwest of Disneyland Park and Resort, one of the most recognizable tourist destinations in the world, most recently reporting approximately 18.3 million visitors in 2018. The property is within close proximity (under six miles) to a number of other tourist hotspots including Knott’s Berry Farm (6+ million annual visitors), the Honda Center (which includes National Hockey League’s Anaheim Ducks), and Angel Stadium (which includes Major League Baseball’s Los Angeles Angels), further increasing consumer draw. The five-mile trade area is supported by an extremely dense population of more than 700,000 residents and 377,000 employees with an average household income of $87k.
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