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Chase Bank in Cleveland Ohio for Sale - NNN Brokers USA (323) 696 1031

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Chase Bank in Cleveland Ohio for Sale - NNN Brokers USA (323) 696 1031 Powered By Docstoc
					exclusive offering memorandum                 > long term absolute nnn Fee Simple ground lease with 4- 5 Year options - 14 Years remaining
                                              > Strong Corporate guarantee - J.P. morgan Chase & Co. – Prestigious member of DJia

chase bank                                    > attractive rental increases - 10% every 5 Years - 15% rent bumps last 2 option Periods
                                              > ranked #13 on Fortune 500 for 2011 - “america’s largest Companies”
                                              > excellent visibility along hwy 43 - main retail Corridor - adjacent to Streetsboro Crossing
fee simple ground lease
                                              > Surrounding national retailers include; target, lowe’s, Walgreens, applebee’s, Denny’s, bP gas,
Single tenant nnn inveStment                    Shell, verizon, Dunkin Donuts, Pizza hut & robinson memorial hospital
9163 State route 43 | StreetSboro, oh 44241   > ranked #5   Fortune 500 “most Profitable Companies” for 2011 - S&P rated a+,
                                                moody’s rated aa3-
Table of conTenTs
  Confidentiality agreement                         3

  tenant Description                                4

  Property Description                              6

  Property overview                                 7

  Financial analysis                                8

  Property Photos                                   9

  Surrounding area Photos                           10

  Site Plan                                         11

  location map                                      12

  Parcel map                                        13

  aerial view                                       14

  Demographics                                      16

  area Profile                                      17




                         The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
TENANT DESCRIPTION

                                                                                         JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in
                                                                                         the United States. With a history dating back over 200 years, here’s where
                                                                                         we stand today:

                                                                                         ›         We are a leading global financial services firm with assets of $2
                                                                                         trillion.
                                                                                         ›         We operate in more than 60 countries.
                                                                                         ›         We have more than 200,000 employees.
                                                                                         ›         We serve millions of consumers, small businesses and many of the world’s
                                                                                             most prominent corporate, institutional and government clients.
CHASE                                        J.P. Morgan                                 ›         We                     are                   a                    leader
                                                                                         in investment banking, financial services for consumers,
The U.S. consumer and commercial             J.P. Morgan clients include the                 small business and commercial banking, financial transaction processing,
banking businesses serve customers           world’s most prominent corporations,            asset management and private equity.
under the Chase brand.                       governments, wealthy individuals and        ›         Our stock is a component of the Dow Jones Industrial Average.
                                             institutional investors. These businesses
The consumer businesses include:             use the J.P. Morgan brand:
›       Branch, ATM, telephone and online                                                CHASE RANKINGS
           banking                        ›          Investment Bank                     > April 13, 2011: JP Morgan Chase reports First Quarter 2011 Net Income of $5.6B, or
›       Credit cards                      ›          Asset Management                     $1.28 Per Share, on Revenue of $25.8B
›       Small business                    ›          Treasury Services
                                                                                         > Ranked #13 on 2011 Fortune 500 List - America’s Largest Companies
›       Home finance and home equity›                Worldwide Securities Services
                                                                                         > June 24, 2011: J.P. Morgan Named “Best Hedge Fund Administrator” at Hedgeweek USA
loans                                     ›           Private Banking
›       Auto finance                      ›          Private Client Services              Awards 2011
›       Education finance                 ›          One Equity Partners                 > June 15, 2011 : Chase (Bank) Doubles SBA Lending in First Half of 2011 - Newsweek
›       Retirement & Investing                                                           > June 23, 2011: Chase Community Giving Donates Additional $500,000 to Charities -
›       Retail Checking                                                                   NY Times
                                                                                         > 2011: Chase Bank is the #1 SBA Lender in the U.S.
The commercial banking businesses include:
                                                                                         > Standard & Poor’s Rated A+, Moody’s Rated Aa3-
›      Middle Market
                                                                                         > Ranked #5 on Fortune 500 “Most Profitable Companies” for 2011
›      Corporate Client Banking
›      Commercial Real Estate                                                            > One of the Largest Banks in the World- Profits over $17.37B, Assets $2.117T, Market Cap
›      Business Credit                                                                    over $160B
›      Equipment Finance                                                                 > 2011 Forbes List- The 400 Best Big Companies
›      Commercial Term Lending                                                           > Ranked #10 on Fortune 500 “Biggest Companies” in 2011
›      Community Development
properTy descripTion
ProPertY overvieW
This offering includes a single tenant, free-standing chase Bank with (4) drive-thru stalls in the city
of streetsboro (cleveland), oH. The lease is corporate guaranteed by JPmorgan chase & co. (nYse:
JPm), a leading global financial services firm with assets over $2.3 trillion and operations in more than
60 countries. The company has the honor of being one of the 30 members of the dow Jones industrial
average (dJia), an american icon for the stock market today. The firm is a leader in investment
banking, financial services for consumers, small business and commercial banking, financial transaction
processing, asset management, and private equity. The property consists of a 20 Year absolute nnn
ground lease, 14 years remaining, with 4- 5 yr. options. The lease offers 10% rental increases every 5
years, including all options and 15% rent bumps the last 2 options. currently, chase Bank is standard &
Poor’s rated a+ and moody’s rated aa3, while recognized as the largest bank in the country. This high-
credit Tenant is ranked #13 on the fortune 500 list for 2011- america’s largest companies and ranked
#5 on fortune 500’s “most Profitable companies” for 2011. The u.s. consumer and commercial banking
businesses that serve customers under the chase brand include: Branch, aTm, telephone and online
banking, credit cards, small business, Home finance and home equity loans, auto finance, education
finance, retirement & investing along with retail checking. The commercial banking businesses include:
middle market, corporate client Banking, commercial real estate, Business credit, equipment finance,
commercial Term lending and community development. along with that, J.P. morgan clients include the
world’s most prominent corporations, governments, wealthy individuals and institutional investors, with
businesses including: investment Bank, asset management, Treasury services, Worldwide securities
services, Private Banking, Private client services, one equity Partners. it’s no surprise that chase Bank
is one of the largest banks in the world, forbes 2011 “The 400 Best Big companies”, and growing. This
is a rare opportunity to own a trophy asset at a low price point.

loCation overvieW
The property is located on state route 43 and Hwy 14, just off interstate 80, the main freeway connecting
downtown akron and cleveland to streetsboro. adjacent to streetsboro crossing ( Target anchored
Power center) and streetsboro Plaza, this location enjoys high visibility along the main retail corridor
servicing the community. This free standing chase Bank is strategically located within this busy retail
trade area and just minutes away from The Boulder creek golf club, an affluent resort. This established
residential community (suburb of akron & cleveland) offers strong demographics. surrounding
retailers include; Target, lowe’s, giant eagle supermarket, Walgreens, applebee’s, denny’s, BP gas,
shell, verizon, dunkin donuts, Pizza Hut & robinson memorial Hospital and many more. Together, this
generates a vibrant retail synergy and destination retail for the greater region.
This high traffic location at the corner of Hwy 43 and Hwy 14 boasts over 39,000 cars per day, enjoys                      PoPulation                                    1-mile      3-mile    5-mile
street frontage visibility and signage, along with over 29,000 cars per day along interstate 80 just down                  estimated Population (2011)                   4,095       16,826    42,708
the street. streetsboro (akron) has strong demographics, with over 42,708i people and over $90,009
                                                                                                                           Projected Population (2016)                   4,197       17,568    43,357
HHi in a 5 mile radius, sitting in the path of growth for many years to come. This property offers real
pride of ownership.                                                                                                        growth 1990-2000                              6.06%       22.66%    17.45%
                                                                                                                           average Household income (2011) $59,411                   $67,601   $90,009
P. 5   ChaSe | 9163 State route 43, StreetSboro, ohio 44241

                                  The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
invesTmenT HigHligHTs
Strong CorPorate guarantY
> guaranteed lease by J.P. morgan chase & co. - member of dow Jones industrial average
> strong investment grade Tenant - s&P rated a+, moody’s rated aa3- assets over $2.3T
> ranked #13 on fortune 500 list for 2011 - “america’s largest companies”
> chase Bank is the #1 sBa lender in the u.s. – 2011
> one of the largest Banks in the World - Profits over $17.37B and market cap over $160B
> ranked #5 on fortune 500 “most Profitable companies” for 2011

Stable inCome - eaSe oF management
> newer 20 absolute nnn fee simple ground lease with 4-5 Year options - “coupon clipper asset”
> 10% rental increases every 5 Years, including all options - great inflation Hedge
> newer construction - Built in late 2006 with (4) drive Thru stalls & street signage
> Zero management responsibilities - Tenant responsible for all expenses

eXCellent retail loCation
> Premiere location - adjacent to streetsboro crossing - Target anchored Power center
> excellent Traffic/ street visibility - main retail Trade area for community - over 39,000 cPd
> surrounding national retailers include; Target, lowe’s, giant eagle supermarket, Walgreens,
   applebee’s, denny’s, BP gas, shell, verizon, dunkin donuts, Pizza Hut & robinson memorial Hospital
> free standing location with 4 drive-Thru stalls- large lot size- 3 Parcels, 1.45 acres
> strong demographics- suburb of cleveland & akron ohio- over $90,009 HHi - Just off interstate 80


PerFeCt 1031 eXChange ProPertY
> 14 Years remaining on newer absolute nnn ground lease with 4- 5 Year options
> rare opportunity to Purchase one of the strongest national Tenants - low Price Point
> no existing financing in Place - excellent financing available with High leverage
> attractive rental increases - 10% every 5 Years - 15% rent Bumps in options - Trophy asset
> strong national credit Tenant - The largest Bank in the nation and growing




P. 6   ChaSe | 9163 State route 43, StreetSboro, ohio 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
PROPERTY OVERVIEW

PROPERTY INFORMATION                                                                                      PROPERTY INFORMATION

Subject Property:                   Chase Bank                                                            Tenant:                                     Chase Bank

Property Address:                   9163 State Route 43                                                   Corporate Guarantee:                        J.P. Morgan Chase & Co.
                                    Streetsboro, Ohio 44241
                                                                                                          Lease Term:                                 20 Years
Price:                              $1,325,000
                                                                                                          Term Remaining on Lease:                    14 Years
CAP Rate:                           5.17%
                                                                                                          Lease Type:                                 Fee Simple Ground Lease
Current NOI:                        $68,500
                                                                                                          Date of Lease:                              June 29, 2005
Building Size:                       4,448 SF
                                                                                                          Lease Commencement:                         June 29, 2005
Land Size:                          1.45 Acres (63,161 SF)
                                                                                                          Rent Commencement:                          December 12, 2005
Construction Year:                  2006
                                                                                                          Lease Expiration:                           December 31, 2025
Parcel Number:                      35-045-00-00-044-002
                                                                                                          Annual Rent Terms:                          Years 1-10:            $68,500
Traffic Count:                      Over 39,567 CPD at Hwy 43 and SR 303
                                                                                                                                                      Years 11-15:           $75,350
                                    Over 29,267 CPD at Interstate 80 and SR 43
                                                                                                                                                      Years 16-20:           $82,885

                                                                                                          Renewal Options:                            Years 21-25:           $91,174
                                                                                                          (4-5 Year Options)
                                                                                                                                                      Years 26-30:           $100,291

                                                                                                                                                      Years 31-35:           $110,320

                                                                                                                                                      Years 36-40:           $132,635




P. 7   CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
financial analYsis | cHase BanK
9163 State Route 43, Streetsboro, Ohio 44241


 renT roll
                       sQuare            lease              lease                                    annual                             renTal
    TenanT                                                                       renT/sf                                                                                               opTions
                       fooTage           sTarT            eXpiraTion                                  renT                            increases
                                                                                                                                                                                   4 - 5 Year options
                                                                                                                       10% rental increases every 5 Yrs                    10% rental increases first 2 option
                                                                                                                                                                                 01/01/2025 $91,173.50
                                                                                                                            01/01/2015 $75,350
   chase Bank            4,448        12/12/2005           12/31/2025              $15.40             $68,500                                                                   01/01/2030 $100,290.85
                                                                                                                            01/01/2020 $85,885                             15% rental increases last 2 options
                                                                                                                                                                                 01/01/2035 $110,319.93
                                                                                                                                                                                01/01/2040 $132,634.65
        Total :          4,448                                                                       $68,500



                       income & eXpenses                                                                  p r i c i n g a n a lY s i s
                                                                                                          Price                                         $1,325,00
                       net operating income                                            $68,500            Price/sq. ft.                                  $297.89
                                                                                                          down Payment                                  $596,250
                                                                                                          down Payment %                                  45.0%
                                                                                                          loan amount                                   $728,750
                                                                                                          cap rate                                        5.17%
                       neW Terms                                                                          net operating income                          $68,500
                       interest rates                                                      5.00%          loan Payment                                   $51,122
                       amortization                                                            25         cash flow                                      $17,375
                       lTv                                                                   55%          cash/cash                                       2.91%
                       Term                                                              10 years         dscr                                            1.34%




 P. 8    ChaSe | 9163 State route 43, StreetSboro, ohio 44241

                                  The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
properTy pHoTos




P. 9   ChaSe | 9163 State route 43, StreetSboro, ohio 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
surrounding area pHoTos




P. 10   ChaSe | 9163 State route 43, StreetSboro, ohio 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
SITE PLAN - CHASE BANK




P. 11   CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
LOCATION MAP




P. 12   CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
PARCEL MAP
Portage, OH, 2011-2012 - 35-045-00-00-044-002, 9163 STATE ROUTE 43, STREETSBORO, OH 44241-5321, Sheet: 1 of 1




P. 13                                                                                                           CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                                                                                                                        The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
AERIAL VIEW

                                                                                           Over 29,267 CPD at I80 and SR43




                                                                                                 Over 39,567 CPD




P. 14   CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
AERIAL VIEW


                                                                                                     90

                                Lake Erie


                                                              CLEVELAND

                                                               480




                                                             80

                                                                                                            80
                                                                                                                                                                                   YOUNGSTOWN




                                                                                        AKRON


P. 15   CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
DEMOGRAPHICS


POPULATION                    1-MILE   3-MILE   5-MILE   DAYTIME DEMOS                    1-MILE    3-MILE    5-MILE
Estimated Population (2011)   4,095    16,826   42,708   Total # of Businesses (2011)     260       573       1,479
Census Population (2000)      3,692    14,270   40,159   Total # of Employees (2011)      2,770     10,022    19,375
Projected Population (2016)   4,197    17,568   43,357   Employee Pop. per Business       10.65     17.49     13.10
HISTORICAL ANNUAL GROWTH                                 Residential Pop. per Business    15.75     29.36     28.88
1990-2000                     6.06%    22.66%   17.45%
2000-2011                     10.92%   17.91%   6.35%
PROJECTED ANNUAL GROWTH
2011-2016                     2.49%    4.41%    1.52%



HOUSEHOLDS                    1-MILE   3-MILE   5-MILE   INCOME                           1-MILE    3-MILE    5-MILE
Estimated Households (2011)   1,619    6,928    16,182   Avg. Household Income (2011)     $59,411   $67,601   $90,009
Census Households (2000)      1,377    5,582    14,531   Median Household Income (2011)   $54,502   $56,079   $68,914
Projected Households (2016)   1,681    7,319    16,588   Per Capita Income (2011)         $23,532   $27,922   $34,189
HISTORICAL ANNUAL GROWTH
1990-2000                     20.68%   34.73%   25.60%
2000-2011                     17.57%   24.11%   11.36%
PROJECTED ANNUAL GROWTH
2011-2016                     3.83%    5.64%    2.51%
AREA PROFILE


                                                                                                                           WELCOME TO STREETSBORO - NORTHEAST OHIO’S BEST
                                                                                                                           VACATION VALUE!!!

                                                                                                                           Located in Northeast Ohio, Streetsboro has 9 affordable hotels,
                                                                                                                           2 serene campgrounds, over 40 tantalizing restaurants, world
 WELCOME TO STREETSBORO                                                                                                    famous attractions and so much more!!

 Welcome to the City of Streetsboro,                                                                                       We’re at the doorstep to over 60 nearby attractions including
 the Gateway to Progress!                                                                                                  Geauga Lake’s Wildwater Kingdom, Boulder Creek Golf Club,
                                                                                                                           Aurora Farms Premium Outlets, Cuyahoga Valley Scenic Railroad
 We are located within 40 minutes of Cleveland, Akron and Youngstown, strategically
                                                                                                                           & National Park, Kent State University Museum, Pro Football Hall
 located at the crossroads of 5 State Routes: Rt 14, Rt 43, Rt 303, Rt 480 and Ohio
 Turnpike, making our city a great location for your next home or business.                                                of Fame & the Rock & Roll Hall of Fame & Museum, just to name
                                                                                                                           a few.
                                                       Positively Cleveland                                                We are the ideal location to launch a memorable vacation, reunion,
                                                       The City’s Convention and Visitors                                  get away or business trip.
                                                       Bureau, lists all local events and guides
                                                       visitors as well as Clevelanders to local                           Streetsboro provides exceptional accommodations suitable for
                                                       attractions, restaurants, and hotels.
                                                                                                                           any preference or budget at our 9 exquisite hotels & 2 tranquil
REBUILDING CLEVELAND, 2012                             VISITING CLEVELAND                                                  campgrounds. We are also host to over 40 restaurants that will
CAPITAL IMPROVEMENT PROGRAM                                                                                                tantalize & delight your taste buds. A vast assortment of shopping
                                                       The New York Times showcased things                                 venues are available including an outlet mall, flea markets, antique
In 2007, Mayor Frank G. Jackson re-instated            to do and see in Cleveland, including
                                                                                                                           shops and specialty stores. The area is also generous in golf,
the Five Year Capital Improvement Program              the West Side Market, Rock & Roll Hall
in order to rebuild the City of Cleveland in           of Fame, restaurants, galleries and                                 fishing, water sports and other outdoor leisure activities.
an equitable way, using the program to                 businesses, as well as many other places
put Clevelanders to work creating a more               that make Cleveland a great City. -More
vibrant and sustainable community.
                                                       Thanks to a visitor from England, readers
                                                       of The Herald in Plymouth now know
                                                       what a great city Cleveland is.

P. 17   CHASE | 9163 STATE ROUTE 43, STREETSBORO, OHIO 44241

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

				
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Description: Chase Bank in Cleveland Ohio for Sale - NNN Brokers USA (323) 696 1031