Net Leased Chase Bank Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Chase Bank property located at 3600 Bardstown Road in Louisville, Kentucky for $3,700,000.

The 3,176 square foot Chase Bank benefits from its location along Bardstown Road (50,342 VPD), less than 1 mile from Interstate 264 (182,427 VPD).

Tenants nearby include Costco, Walmart, Target, Lowe’s, Burlington, Kroger, Harbor Freight, Walgreens, AutoZone, Dollar Tree, Valvoline, Verizon, T-Mobile, Chick-fil-A, KFC, Starbucks, McDonald’s, Taco Bell, Wendy’s, Arby’s, Pizza Hut, Chili’s White Castle, Jack in the Box, and Seneca High School (1,250+ students). The population is 253,663 within a five-mile radius, with an average annual household income of $94,633.

This triple net lease has over 11 years remaining with two 5-year renewal options. There are 10% rental escalations in each option. The property has annual deposits in excess of $83 million as of June 2024.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The buyer is a Midwest-based institution, and the seller is a private family from the Midwest.

Chase Bank, the U.S. consumer and commercial banking arm of JPMorgan Chase & Co. (NYSE: JPM), is an integral component of a leading global financial services firm with operations spanning over 60 countries and $2.6 trillion in assets. Founded in 1799 as the Bank of the Manhattan Company, Chase boasts a rich heritage steeped in financial innovation and service excellence. Today, it serves millions of customers nationwide, with over 4,700 branches and 16,000 ATMs, making it one of the largest banking institutions in the United States.

“Bank properties with strong deposits and long operating histories remain attractive investments” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner at The Boulder Group, added, “This deal signifies that investors still value reputable tenants such as Chase Bank.

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