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10/28/24
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A Chase Bank retail property ground lease in the Inland Empire was acquired by a CA-based private investor in a $4 mil deal. The 3.5k sf building was constructed in 2024 and sits on 1.57 acres at 27980 Clinton Keith Rd in Murrieta.
Chase Bank has a 20-year, corporate-guaranteed lease in place for the property. The transaction closed at a price per square foot of $1,152. It also sold at a record low cap rate of 3.75% which is the lowest for a Chase Bank property sold over the past 18 months, according to CoStar records.
The asset is within The Vineyard Shopping Center, a 26.3-acre center anchored by Costco Wholesale. More than 208,000 residents and 48,000 employees are within a five-mile radius of the center which is also within walking distance to several single-family and multi-family communities.
SRS Capital Markets Vice President Winston Guest and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a California-based private developer.
“Chase’s best-in-class investment grade credit and long-term 20-year lease provided the new ownership with a very secure long-term investment with zero landlord responsibilities,” said Guest. “Additionally, this location is within a growing and affluent area and is positioned on the most prominent and visible corner entrance of The Vineyard Shopping Center.”
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