Hanley Investment Group Arranges Sale of New Construction Chase Bank in Orange County, Calif. for $5.1 Million
Hanley Investment Group
Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the purchase of a newly constructed, single-tenant Chase Bank in Anaheim, California, located five minutes from Disneyland. The purchase price was $5.1 million for the absolute triple-net ground lease.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the buyer, a private investor based in Los Angeles. The property was developed by SunCoast Properties, Inc. The seller was represented by SRS Real Estate Partners Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter located in the firm’s Newport Beach, California office.
The new 3,988-square-foot bank building, which opened earlier this year, sits on 0.50 acres and is located at 545 N. Euclid Street in Anaheim, at a shared signalized intersection with Anaheim Plaza with excellent visibility and multiple points of ingress/egress.
Roberto Brutocao, CEO of SunCoast Properties, commented, “We want to recognize and thank Bill and his team. They did a remarkable job steering this transaction to a successful conclusion despite the widespread upheaval in the economy caused by the COVID-19 health emergency.”
The Chase Bank is a new prototype building with a drive-thru ATM. Chase Bank relocated across the parking lot from an older format building at the corner of Euclid Street and Crescent Avenue. The site is directly across from Anaheim Plaza, which includes national and regional tenants Walmart, Smart & Final, El Super grocery store, T.J.Maxx, Ross Dress For Less, Old Navy, Party City, Petco, ULTA Beauty, Five Below, AAA Auto Club, Bank of America, Citibank, Supercuts, Verizon, Rubio’s Fresh Mexican Grill, and others.
This Chase Bank is situated just two miles northwest of Disneyland Park and Resort, one of the most recognizable tourist destinations in the world, most recently reporting approximately 18.3 million visitors in 2018. The property is within close proximity (under six miles) to a number of other tourist hotspots including Knott’s Berry Farm (6+ million annual visitors), the Honda Center (which includes National Hockey League’s Anaheim Ducks), and Angel Stadium (which includes Major League Baseball’s Los Angeles Angels), further increasing consumer draw. The five-mile trade area is supported by an extremely dense population of more than 700,000 residents and 377,000 employees with an average household income of $87,000.
According to Asher, “The purchase represented a unique opportunity to acquire a strategic Chase Bank relocation branch in an established, infill trade area with extremely high barriers to entry. The new long-term lease showed a continued commitment from Chase to the location and will provide the buyer with a secure and stable long-term investment for the future.”
Last month, Hanley Investment Group arranged the sale of a similar single-tenant Chase Bank ground lease in the Houston metro area at record pricing.