Chase Bank | 2025 Building Reconversion | 15-Yr Absolute NNN GL

Chase Bank | New 15-Year Absolute NNN Ground Lease | Premier Suffolk, VA Retail Asset

Presenting a prime net-lease investment opportunity: a newly reconverted Chase Bank branch situated in the affluent Hampton Roads MSA. Located at 6249 College Drive, Suffolk, VA, this asset features a 2025 modern prototype renovation, secured by an Investment Grade tenant (S&P: AA-) on a long-term Absolute NNN Ground Lease.

This property offers passive investors zero landlord responsibilities and a reliable, growing income stream from one of the world's most stable financial institutions, JPMorgan Chase Bank, N.A. (NYSE: JPM).

Investment Summary & Financial Highlights

The property combines the security of a corporate guarantee with a high-traffic location in a dominant retail corridor.

Strategic 2025 Reconversion & Tenant Strength

Originally built in 2003, the building underwent a comprehensive 2025 renovation to meet Chase’s latest brand standards. The facility now serves as a high-performance "prototype" branch, complete with a dedicated drive-thru ATM and modern financial center layout.

• Corporate Guarantee: JPMorgan Chase (S&P: AA-) is the largest bank in the United States, managing over $4 trillion in assets.

• Zero Landlord Responsibilities: Chase is responsible for all taxes, insurance, maintenance, and operating expenses (including roof and structure), making this a truly passive "hands-off" investment.

• National Expansion: This branch is part of Chase’s multi-billion dollar investment to strategically expand its physical presence in high-growth suburban submarkets.

A+ Location: Harbour View East Retail Corridor

Positioned at a signalized hard corner on College Drive, the property sits within the Harbour View East development—Suffolk’s premier commercial and retail destination.

• High Traffic Counts: Over 23,200 vehicles per day (VPD) pass the site daily.

• Surrounding Retail Powerhouses: The site is surrounded by national anchors including Walmart Supercenter, Kohl’s, Dick’s Sporting Goods, TJ Maxx, HomeGoods, and Burlington, ensuring consistent consumer draw.

• Dining & Services: Adjacent to high-traffic locations for Chick-fil-A, Chipotle, Verizon, and PetSmart.

Strong Demographics & Economic Drivers

Suffolk’s "Harbour View" area is known for its high barriers to entry and an affluent, stable population base.

• Affluent Trade Area: Average household incomes within a 5-mile radius exceed $130,000, with a growing population of over 91,000 residents.

• Military & Government Presence: The site is bolstered by its proximity to major federal employment hubs, including the DOD Suffolk Complex, Joint Warfighting Center, and Naval Information Forces. These hubs provide a recession-resistant economic foundation.

• Strategic Growth: Northern Suffolk continues to see rapid residential development, further increasing the potential customer base for this financial center.

Why Suffolk, VA (Hampton Roads)?

As the "City of the Future," Suffolk is one of the fastest-growing cities in Virginia. The Northern Suffolk corridor specifically serves as a bridge between the Southside and Peninsula regions of Hampton Roads, making it a critical node for both retail and corporate banking services. This Chase Bank asset represents a "legacy" property for an investor seeking high-credit security in a high-growth market.

Broker Note: With 10% rent escalations every five years and a lease that potentially extends to 2070, this asset provides a powerful hedge against inflation and a secure long-term hold for institutional or private 1031-exchange buyers.