Chase Bank Ground Lease
Closed3816 Corning Place, Charlotte, NC 28216
Property type
Retail
Unit / Space count
1
CAP
4.5%
Building size
3,419 SF
Year built
2023
Lot size
1.16 acres
Sold/status
Sold · Date unknown
Sale price
$3222000
Property description
Franklin Street is pleased to present this new construction Chase Bank corporate ground lease in Charlotte, North Carolina. Charlotte is know as the banking capital of the south with 2.6M residents in the MSA. Charlotte has been consistently ranked amongst the fastest growing cities in the country over the last couple decades and as the 6th fastest growing metro over the last 5 years. Charlotte is home to many large corporations including some of the largest employers such as Bank of America, Lowes, Duke Energy, Nucor, Sonic Automotive, Compass Group, Brighthouse Financial, Coca Cola, Bojangles, National Gypsum, among many others. The location is a strong outparcel at the entrance of Riverbend, which is one of the newest and strong mixuse developments in Charlotte. The development has major draws from Harris Teeter, food & daily service operators, Corning's Headquarters, and onsite residential components. There are extensive future expansion plans to the development as well, with a new hotel, office building, and future Novant campus. The location is located just off I-285 on Brookshire Boulevard, which has 46,500 VPD directly in front of the site. Chase Bank is a ground lease structure with no landlord responsibilities. The tenants investment in the property will far exceed the purchase price of the ground lease leading to strong intrinsic value and upside opportunity if they ever left the location. Chase Bank has extensive expansion plans for North Carolina with 40+ bank branches planned over the next 3 years.
Property highlights
- New Construction Chase Bank Ground Lease in Charlotte, NC on an Outparcel to #2 Harris Teeter in the Chain
- 15 Year Lease Term with 10% Increases Every 5 years
- Strong Synergies Amongst Riverbend Development: 185,000 SF of retail, 375,000 SF Corning Headquarters, 266 multi-family units, 105 townhomes, and 120 room to be built hotel and 250,000 SF Novant campus to be built
- Major Intersection: 67,150 VPD traveling through Brookshire Blvd & Mt. Holly Huntersville Rd
- Nations Largest Bank: $3.67 Trillion assets under management
- Strong Household Incomes: $100,826 within 5 minutes of the property
- Dense Metropolitan: 158,705 residents within 15 minutes and expected 8% growth over the next 5 years