Chase Bank - Charlotte, NC

We needed a unicorn. My sellers were exchanging $8M and I needed a replacement for them.

I went through my short list of broker contacts - "Do you have a deal with extraordinary real estate fundamentals and excellent credit with growth?"

One answered: “How about a brand-new construction, main-on-main Chase Bank with 20 years versus the normal 15, in a prime suburb of Charlotte, with 12% rent increases every 5 years?”

I was stunned. ”Uh, yeah. That sounds like a direct hit.”

“Does being adjacent to Whole Foods, Harris Teeter, Life Time Fitness and a bunch of Class-A office help?”

I looked at the OM and it had me hook, line, and sinker. We booked our tickets to examine the property (which we do for all clients) and we fell in love at first visit.

It was a unicorn. It was a perfect upleg for our sellers who wanted a stable, blue-chip asset with no landlord obligations.

Fast-forward, and we’re closed.

$9,375,000
100,000 VPD at corner (for a suburban neighborhood that’s crazy)
$205k AHHI within 3 miles (way above average)
Adjacent draws: Whole Foods, Harris Teeter, Life Time Fitness
Dense retail corridor: 1.4M SF within 1 mile

A big thanks to Carl Brendes and Ransome Foose at Berkeley Capital Advisors for their assistance in this deal.