20-Year Chase Bank Ground Lease Sells for $3.4 million to CA Investor
PEORIA, AZ – June 22, 2012 – (RealEstateRama) — A Pasadena, CA investor paid $3.4 million for a Chase Bank ground lease located at the SEC of Lake Pleasant Rd. & Happy Valley Rd., in Peoria.
The buyer was Oakland Apartments of Pasadena, CA and the seller was Barclay Pleasant Valley, LLC of Phoenix. Lee & Associates Principals Jan Fincham and Patrick Dempsey negotiated the transaction for both parties.
The deal provides the buyer with investment income for the next 17 years remaining on the lease as well as four, 5-year renewal options. The building is 4,307 SF.
“This was an excellent investment opportunity that provides a safe, stable income stream for more many years,” commented Fincham. The prime location is located at Mountainside Crossing Shopping Center and is anchored by 6 national tenants. The property is centered around north Peoria communities of Vistancia, Tierra del Rio and Westwing Mountain Ranch, among others.
Contact:
Matt DePinto
Senior Research Analyst
Public Relations Contact
602.474.9512
pr (at) leearizona (dot) com
