Investment Highlights
- Brand New, 15-Year, Triple Net (NNN) Ground Lease with Five, Five- Year Tenant Renewal Options
- New Location Currently Under Construction, Anticipated Opening in November 2021
- 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
- Located Off Interstate 55, Major Artery Connecting Ridgeland South to New Orleans and North to Memphis, With More Than 116,000 Vehicles Daily
- Affluent Area with an Average Household Income of $135,755 in One Mile, $114,825 in Three Miles, and $100,050 in Five Miles
- 12 Miles from Jackson, the Capital City of Mississippi and the State’s Largest Urban Center
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Chase Bank in Ridgeland, Mississippi. This is a new, 15-year, triple net (NNN) ground lease with five, five-year tenant renewal options. This lease offers 10 percent rent increases every five years throughout the base term and option periods. This is a new location which is currently under construction and has an anticipated opening date in November 2021.
This Chase is Located directly off Interstate 55, the major artery connecting Ridgeland South to New Orleans and North to Memphis and has more than 116,000 vehicles daily. This is an affluent area with an average household income of $135,755 within one mile of the Property, $114,825 in three miles, and $100,050 in five miles.
This Chase Bank is centrally located within three miles of major drivers to the area such as Walmart, Home Depot, Costco, Holmes Community College, Renaissance at Colony Park, and Select Specialty Hospital. Situated immediately South of the Subject Property is Renaissance at Colony Park, a landmark lifestyle center anchored by Fresh Market with other premiere brands such as Apple, Pandora, White House/Black Market, Chico’s, Ann Taylor Loft, William-Sonoma and many others.
Ridgeland, MS is part of the Jackson metro area and is 12 miles from Jackson – the capital city of Mississippi and the state’s largest urban center. The property is 13 miles from Jackson State University, the largest institution of higher learning in the metro with a total enrollment of 7,250 students, 575 faculty and 1,431 staff.
William M. Davis
Broker of Record
License: B-15586
