Chase Bank Coral Gables,Florida

$14,227,000
Property type:Single-Tenant Net Lease

The space

  • Listing Price: $14,227,000
  • Cap Rate: 3.75%
  • Annual Rent: $533,500
  • Rentable Square Feet: 4,461
  • Lease Type: NNN Ground Lease
  • Guarantor: Corporate Guarantee
  • Year Built: 2015
  • Lot Size: +/- 0.6 Acres
  • Option Periods: 4, 5-Year Options

Description

2740 Coral Way
Coral Gables, Florida 33134

Investment Highlights

  • True Trophy Investment With Very Rare Combination of Prime Coral Gables/Dade County Location With Tenant Having Stellar Credit and Strong Performance at this Specific Unit
  • Deposits Exceeding $400 Million—Among Highest Deposits of Chase Branches in Miami-Dade County
  • Long-Term NNN Ground Lease | Building was Constructed by Tenant at Tenant’s Expense With No Contribution from Landlord
  • 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
  • Property Includes Drive-Thru ATMs and Pass Thru Lane
  • Located Along Prestigious Retail Corridor Approx. Four Miles from the University of Miami
  • Population Over 500,000 Within a Five-Mile Radius | Just Off the Signalized Intersection of Coral Way and SW 27th Avenue With a Combined Traffic Count of Nearly 70,000 Vehicles Daily
  • Surrounding National Brands Include Publix Supermarket, Winn Dixie, Bed Bath & Beyond, Mattress Firm, DSW, Marshalls, Big Lots, Office Depot, Target, Barnes & Noble, Advance Auto Parts, Benihana Japanese Restaurant, Seasons 52, The Cheesecake Factory, Chipotle, McDonald’s, Burger King, Starbucks, CVS, Walgreens, Hyatt Regency Coral Gables, Extended Stay America and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Chase Bank in the highly affluent Miami, FL submarket of Coral Gables. This is a highly sought after, trophy investment with a very rare combination of prime Coral Gables/Dade County location with tenant having stellar credit and strong performance at this specific unit. Deposits at this branch exceed $400 million and are among the highest deposits of Chase branches in Miami-Dade County.

The subject property is located along a prestigious retail corridor, a high traffic area in downtown Coral Gables (Miracle Mile), one of South Florida’s most sought-after shopping destinations and approximately four miles from the University of Miami. Surrounding national brands include Publix Supermarket, Winn Dixie, Bed Bath & Beyond, Mattress Firm, DSW, Marshalls, Big Lots, Office Depot, Target, Barnes & Noble, Advance Auto Parts, Benihana Japanese Restaurant, Seasons 52, The Cheesecake Factory, Chipotle, McDonald’s, Burger King, Starbucks, CVS, Walgreens, Hyatt Regency Coral Gables, Extended Stay America and many more.

Coral Gables is a premier Miami submarket and the subject property is located just one mile from Coconut Grove, a historic and lush bayside community overlooking Biscayne Bay and home to Vizcaya Museum & Gardens, a well-known waterfront estate and wedding destination, 1.5 miles from Miami Dade College Eduardo J. Padrón Campus (Miami Dade College has an enrollment of 51,679 students total across eight campuses), and two miles from The Shops at Merrick Park, an upscale outdoor shopping mall.

This Chase Bank has a long-term, triple net (NNN) ground lease with more than 13 years remaining on base term with four, five-year tenant renewal options and 10 percent rent increases every five years throughout the base term and option periods. This building was constructed by tenant at tenant’s expense with no contribution from landlord and includes drive-thru ATMs and pass thru lane. Chase JPMorgan is the country’s largest bank by assets and more than 4,800 branches and 16,000 ATMs nationwide, with more than 255,000 employees.

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