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1441 Washington StHanover, MA 02339
Chase Bank Hanover, MA
Asset ClassRetail
Cap Rate5%
Deal Size: $4 MLease-Term Remaining: 14.4 YearsMSA: BostonAccess Data Room
Chase Bank | 5.00% CAP | $4M | Outparcel to Hanover Crossing
overview of deal

Overview

Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of Chase Bank in Hanover, Massachusetts. This newly constructed, 3,500 SF NNN offering has been occupied by Chase in their new prototype since it was developed in 2023. The property sits as an outparcel to Hanover Crossing, one of the premier power centers serving the affluent suburban communities along Boston’s South Shore.

 

Situated at 1441 Washington St, the property features unmatched visibility along Rt 53 (Hanover St) and outstanding co-tenancy, including one of New England’s highest performing grocery anchors, Market Basket. Chase executed a new 15-year ground lease with rent commencing in October 2023. The lease includes four (4) five (5) year options with 10% rent escalations through the initial term and at the beginning of each option period. Chase is currently paying $200,000, and the offering provides investors an unmatched combination of new construction, premier tenancy, and passive long-term cash flow.

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Investment Highlights

ATTRACTIVE RENTAL INCREASES

  • 10% rent increase every 5-years throughout the initial term and at the beginning of each option period

NNN GROUND LEASE

  • NNN Ground Lease affords investors zero landlord responsibilities and a completely passive income stream

ROBUST DEMOGRAPHICS

  • 66,960 people earning over $182,809 within a 5-mile radius

LOCATED IN HIGH TRAFFIC RETAIL CORRIDOR

  • Situated along Washington Street, which sees 31,344 VPD

CORPORATE GUARANTY FROM INVESTMENT GRADE TENANT

  • JPMorgan Chase has a Market Cap of $555B (NYSE: JPM) and has a credit rating of A+ (S&P)

HANOVER CROSSING OUTPARCEL

  • The asset is located adjacent to Hanover Crossing, formerly the Hanover Mall, which saw 6.1M visitors in the last 12 months (placer.ai)
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1441 Washington StHanover, MA 02339

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Listing provided by Revere CRE