Single Tenant Chase Bank | Paoli, PA

Opened October 29th, 2024!

Download Offering Memorandum

The Opportunity

Summary

  • Price: $4,200,000
  • Cap Rate: 5.00%
  • NOI: $210,000
  • Lease Type: Fee Simple: NN
  • Ownership Interest: Condominium
  • Building Size: 4,700 SF
  • Parcel Size: 0.11 Acres
  • Year Built / Renovated: 1987 / 2024
  • Remaining Lease Term: 15 Years
  • Options: Two (2), Five (5) Year Options & One (1), Four (4) Year Eleven (11) Month Option
  • Rental Increases: 10% Every Five (5) Years

Chase Bank Opened October 29th, 2024!

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple condominium interest in a single tenant property leased to Chase Bank, (the “Property”) in Paoli, PA a part of the Main Line of suburban Philadelphia. Chase Bank is estimated to commence a brand new 15-year lease in Q4 2024 which will feature rental increases of 10% every 5 years, including the option periods. Chase Bank will sit adjacent to a Dunkin’ along Route 30 (24,900 VPD) where the property benefits from excellent visibility from local traffic. Today, the towns that border the track encompass the prestigious Main Line area. The Main Line is a historical, yet upscale area with some of the wealthiest communities in the country.

Paoli is situated 18 miles northwest of Philadelphia and contained within the Philadelphia MSA; the 7th largest metro area in the country that is home to a population of over 6.25 million people. Furthermore, Paoli is located within Chester County, the most affluent county in Pennsylvania. The 1-mile surrounding the property boasts an average household income of over $187,000 while the 3 and 5-mile area surrounding the property boasts an average household income of over $217,000.

Chase Bank stands as one of the highest rated retail tenants commonly seen in the net lease market with a credit rating of A+ (S&P). Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states. Parent company, JP Morgan Chase & Co., currently sits as the largest financial institution in the United States with approximately $3.9 trillion in assets under management (as of 2024). Today, Chase offers more than 4,700 branches and 15,000 ATMs nationwide (February 2024) and is one of the most well-capitalized banks in the world and ranks 5th on Fortune Magazine’s list of “World’s Most Admired Companies” for the second consecutive year.

Investment Highlights:

• LONG TERM LEASE FEATURING RENTAL INCREASES – Chase Bank is estimated to commence a brand new 15-year lease in Q4 2024 which will feature rental increases of 10% every 5 years, including the option periods.

• PRIME MAIN LINE LOCATION – Chase Bank will sit adjacent to a Dunkin’ along Route 30 / E Lancaster Ave (24,900 VPD) where the property benefits from excellent visibility from local traffic. Route 30 is the oldest paved road in the country and runs parallel with the former Pennsylvania Railroad’s Main Line. Today, the towns that border the track encompass the prestigious Main Line area. The Main Line is a historical, yet upscale area with some of the wealthiest communities in the country.

• PHILADELPHIA MSA – Paoli is situated 18 miles northwest of Philadelphia and contained within the Philadelphia MSA; the 7th largest metro area in the country that is home to a population of over 6.25 million people.

• MOST AFFLUENT COUNTY IN PA (CHESTER COUNTY) – Paoli is located within Chester County, the most affluent county in Pennsylvania. The 1-mile surrounding the property boasts an average household income of over $187,000 while the 3 and 5-mile area surrounding the property boasts an average household income of over $217,000.
• MAJOR COMPANY HEADQUARTERS NEARBY – Chester County is home to the headquarters of a number of major companies including The Vanguard Group, ACME Markets, Herr’s Snack, QVC (NYSE: QVCD), and CubeSmart (NYSE: CUBE). Together these companies combine for a total of over 54,000 employees.

• INVESTMENT GRADE CREDIT (S&P: A+) – Chase Bank stands as one of the highest rated retail tenants commonly seen in the net lease market with a credit rating of A+ (S&P). Chase has the largest branch network in the United States (4,700 branches) and parent company, JP Morgan Chase & Co., currently sits as the largest financial institution in the United States with approximately $3.9 trillion in assets under management (as of 2024). Chase also ranks 5th on Fortune Magazine’s list of “World’s Most Admired Companies.”

• BUSTLING ROUTE 30 RETAIL CORRIDOR – The nearby area surrounding the property is home to a number of national retailers such as: Target, Wegmans, Aldi, ACME, Bank of America, PNC Bank, Citizens Bank, WSFS Bank, M&T Bank, CVS Pharmacy, Walgreens, Petco, Mattress Warehouse, Sherwin-Williams, The UPS Store, 7-Eleven, McDonald’s, Chipotle, Dunkin’, Starbucks, Wendy’s, and Wawa demonstrating the strength of the Route 30 retail corridor.

Site Plan

map

Tenant

Chase Bank

Ownership: PUBLIC (NYSE: JPM)

Credit Rating: A+ (S&P)

Headquarters: NEW YORK, NY

#of Locations: 4,700+

Market Cap: $496.2 BILLION

J.P. Morgan Chase Bank, N.A., doing business as Chase Bank, is a national bank headquartered in New York, New York, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase & Co. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and The Manhattan Company in 1955. Chase Bank stands as one of the highest rated retail tenants commonly seen in the net lease market. Chase Bank provides a broad range of financial services to almost half of America's households. Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states. Today, Chase serves nearly 80 million consumers and nearly 6 million small businesses.

Parent company, JP Morgan Chase & Co., currently sits as the largest financial institution in the United States with approximately $3.9 trillion in assets under management (as of 2024). Chase offers more than 4,700 branches and 15,000 ATMs nationwide (February 2024). JPMorgan Chase & Co. has 240,000 employees and operates in more than 100 countries. It is one of the most well-capitalized banks in the world and ranks 5th on Fortune Magazine’s list of “World’s Most Admired Companies” for the second consecutive year.

Brokerage Team

Marc Mandel

Marc Mandel

Managing Principal
Forged Real Estate
(610) 608-2621, ext. 1
Marco DiPrinzio

Marco DiPrinzio

Senior Director
Forged Real Estate
(610) 608-2621, ext. 5
Steve Schrenk

Steve Schrenk

Principal
Forged Real Estate
(610) 608-2621, ext. 2
James Yi

James Yi

Director
Forged Real Estate
(215) 460-2603
Greg Zimmerman

Greg Zimmerman

Partner
Forged Real Estate
(610) 608-2621 ext. 3