Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

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Attributes

Year Built 2022
Building Area Gross
Land Area Gross ()
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale a brand-new construction, single-tenant Chase Bank (the “Property” or “Asset”) offering located in St. Augustine, FL. With construction completed in January 2022, the ground lease has 19.5 years remaining with no landlord responsibilities. The Property offers a rare opportunity to acquire a secure cash flow that is backed by JPMorgan Chase & Co.’s investment grade credit (S&P: ‘A+’).


With excellent visibility and frontage along International Golf Parkway (22,500 VPD) and State Road 16 (19,400 VPD), this property benefits from being on the hard corner of a highly trafficked retail area. The Publix in the adjacent shopping center is in the 95th percentile of Publix in the nation by visits, attracting 1.2 million shoppers annually per Place.ai. The Asset sits in a newly constructed, Publix-anchored center that features national tenants. This site is also highly desirable for a bank due to the affluent surrounding community, which has had 58.7% population growth over the last 10 years and an average household income of $119,454 within a 3-mile radius. It will be the go-to site for travelers from Jacksonville who are drawn to the five championship golf courses in the area, including the World Golf Village resort.

Investment Highlights

STRATEGICALLY LOCATED REAL ESTATE

  • The site is an outparcel to a newly constructed, Publix-anchored center that sits in a dense retail corridor. The Publix in the adjacent shopping center is in the 95th percentile of Publix in the nation by visits, attracting 1.2 million shoppers annually per Place.ai.


PROXIMITY TO WORLD GOLF VILLAGE

  • The Asset is set immediately proximate to the World Golf Village. The 6,300-acre golf resort and residential community is home to the World Golf Hall of Fame, PGA Tour Products Headquarters, the first-ever PGA Golf Academy and two world-class golf courses.


BRAND NEW CONSTRUCTION ON A GROUND LEASE WITH NO LANDLORD RESPONSIBILITIES

  • The Property has a $133,000 NOI and is operating on a brand new, 20-year ground lease with 10% rent bumps every five years including extension options.


BEST-IN-CLASS, INVESTMENT GRADE TENANCY

  • JPMorgan Chase & Co. is the largest bank holding company in the United States and carries an outstanding A+ credit rating from Standard & Poor’s. JPMorgan Chase & Co. has been ranked in the Top 10 of Fortune Magazine’s ”World’s Most Admired Companies” each of the last six years.
Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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