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Chase Bank

Waltham, Massachusetts

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Marcus & Millichap is pleased to present this exclusive listing for a Chase Bank located at 1111 Lexington Street in Waltham, MA. The subject property features brand new construction that will consist of roughly 3,400 square feet of building space on a 0.92 acre parcel, as well as a full-service drive through ATM at the opposite end of the parcel (detailed on page 12). This investment grade asset will feature a brand new 15-year absolute triple-net (NNN) ground lease. The rent will commence on December 28th, 2021 and the lease term will expire on December 31, 2036. The annual rent is (Need to Sign NDA), which will increase by 12.5%every 5 years, a well above market increase structure in the net lease space. The lease is subject to six (6), five-year tenant renewal options that also contain the 12.5% increases every five years.
Chase hand picked this site to develop a brand-new branch due to the strong location in Waltham and the very affluent local population. The average household income in the area is outstanding with households earning over$154,000 in the surrounding area. This leads to the existing bank branches boasting tremendously high deposits such as the Bank Of America ($370,494,000) and Citizens Bank ($249,426,000), both are located within an eighth of a mile of the new Chase Bank.

About the Investment:

✓ Brand New 2021 Construction | 15 Year Absolute Triple Net (NNN) Ground Lease
✓ Excellent Rental Increases of 12.5% Every 5 Years| Full JP Morgan Chase Guaranty
✓ Adjacent to New Life Science Development | Revolution Labs | 173,700 SF of Lab and Office Space Currently Under Construction Next Door (See Page 9 for Information)
✓ Located on a Hard Corner Opposite Star Market Anchored Shopping Center in an Extremely High Barrier to Entry Market

About the Location:

✓ Strong Real Estate Fundamentals | Less than 10 Miles From Downtown Boston |Waltham is one of the Most Desirable Bedroom Communities
✓ Affluent Population Base | Average Income Within a Five-Mile Radius Exceeds $154,000
✓ Dense Retail Corridor | The Home Depot, Costco Wholesale, T.J. Maxx, Staples, Starbucks, Star Market, Chipotle, Panera Bread and Many More
✓ Highly Trafficked Area | Interstate 95 & Lexington Street | 203,400 & 22,200 Vehicles Per Day, Respectively
✓ Well Populated Area | More than 273,000 Individuals Reside Within a Five-Mile Radius
✓ High Academic Presence | Bentley University & Brandeis University are Located Within a Four-Mile Radius | Total Enrollment Exceeds 10,000 Students
✓ Immediate Access to Healthcare | McLean Hospital | Less than Four Miles Away | 219 Beds

About the Tenant/Brand:

✓ JP Morgan Chase currently sits as the largest financial institution in the United States with approximately $3.39 trillion in assets.
✓ It is one of America’s Big Four banks, along with Bank of America, Citigroup, and Wells Fargo
✓ 5,100+ Bank Branches
✓ S&P A- Credit Rating

Key Details

Price:
$6,071,425
Address:
1111 Lexington Street, Waltham, Massachusetts 02452
Property Type:
Net-Lease Bank
Lease Type:
Triple-Net (NNN) Ground Lease

Original Lease Term:
15.0 Years
Lease Commencement:
December 28, 2021
Lease Expiration:
December 31, 2036
Lease Term Remaining:
15.0 Years
Rental Increases:
12.5% Every 5 Years
Lot Size:
+/- 0.92 Acres
Building Size:
3,400 SF
Year Built:
2021
Tenant:
Chase Bank

Broker of record

John Horowitz

License: 1000303


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