June 18, 2020 – Chris King and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of Chase Bank in Jacksonville, Florida. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $6,714,738, a 4.25% Cap Rate.
Chase Bank is located at 4990 Town Center Parkway in Jacksonville, Florida. Constructed in 2017, the stand-alone building consists of 3,614 square feet and sits on 0.53 acres of land. Chase Bank has seventeen (17) years remaining on a 20-year Ground Lease with four (4), 5-year option periods. The lease features 2.5% annual increases throughout the base term and option periods. Chase Bank is extremely well located, at the main intersection that connects the Costco-anchored center, the Strand at Town Center, and Simon Property Group’s St. John’s Center, with combined traffic counts in excess of 49,300 vehicles per day. The property also benefits from extremely strong demographics, with 169,671 people within a 5-mile radius and an average household income of $95,395 within a 1-mile radius.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.