“A+” Investment Grade Credit
JPMorgan Chase is the largest bank in the U.S., with $2.4 trillion in assets. The “A+” credit rating provided by S&P confirms the long term strength of the tenant and desirability for investors.
Rare 25 Year Ground Lease
This absolute NNN ground lease provides passive ownership for 25 years, which is unusually long compared to most new bank ground leases. 10% rental increases every five years helps hedge against inflation throughout the long term lease. The are an additional 4 five-year renewal options with 10% rental increases each option.
High Traffic Shadow Anchors
The property is located in the newly developed Mokena Marketplace home to the recently opened Meijer, which cements the center as the main retail corner within the trade area. It is also shadow anchored by high quality, traffic generating tenants such as JCPenney, and PetSmart. Combined traffic counts of 35,800 per day are expected to increase substantially given Meijer’s recent opening.
Prime Hard Corner Location
Chase is located on the premier hard corner outlot within the Mokena Marketplace. The bank is ideally situated at the intersection of area’s two main commercial thoroughfares, US Route 30 (W Lincoln Hwy) and Wolf Rd.
Over $165,000 of Average Household Income
The affluent Chicago suburb of Mokena boast an impressive average household income of more than $165,000 within a one mile radius of the site. This high income population provides the ideal nearby customer base for the subject bank branch.
Exceptional Population Growth
Mokena has experienced exceptional population growth of over 100% since 2000. The southwestern Chicago suburb enjoys a low cost of living and a highly regarded school district, making it a sought after destination for families for years to come. Confidence in the high quality location has been displayed by major retailers such as the shopping center’s Meijer as well as the nearby Walmart and Mendards, who are drawn by the impressive growth and high income levels.
Rapidly Growing Deposits
Since the branch opened in 2009 the deposits have been growing at a rapid pace. Most recently deposits grew by 38% in 2013 following a 72% increase in 2012. The Meijer opening in the summer/fall of 2014 will provide the branch even greater opportunity to grow deposits and its customer base. As additional outlots are developed, the potential for deposit growth will be increased even further with complimentary retail uses filling the shopping center.