The Landes Group, a leading commercial real estate investment services firm based out of Dallas, TX, has announced today the $40M purchase of 11 Chase Banks. The properties total over 107,000 sq across the state of California. All 11 free-standing bank locations were sold subject to a new 5 year net lease renewal with JP Morgan Chase.
“The real estate fundamentals of the deal were excellent, the portfolio provides a great opportunity to buy great corners, in great markets with an investment grade tenant. This portfolio provides stability within the short term and an opportunity to add value in the long term,” said Chief Investment Officer Justin Grissen.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide. Chase Bank, one of the Big Four Banks of the United States serving nearly half of America’s households, offers more than 4,700 branches and 16,000 ATMs nationwide.
The Landes Group is a privately held real estate investment firm based in Dallas, TX. They specialize in yield optimization through innovative debt and lease re-structures, sale-leaseback, transactions and re-tenanting opportunities.
