JUST SOLD | Chase Bank - $2,557,000 | 5,820 SF | 6.25% Cap Rate
Kyle Hartung of Goodman Real Estate Services Group LLC recently brokered the $2,557,000 sale of the Chase Bank located at 4600 Dressler Road in Canton, Ohio. The property was under contract in a matter of weeks and closed to an all-cash private investor based in Northeast Ohio. Hartung exclusively represented the seller of the property.
The property is a high-deposit Chase Bank branch, which had recently negotiated a five-year lease extension at a 20% increase over their previous rental amount, showing their profitability and future dedication to this branch location. In terms of total deposits as reported by the FDIC, this is the #3 branch out of 125 in the Canton area. This location originally opened in 1988 as Bank One, which merged with JP Morgan Chase & Co. in 2004. This branch has been fully operational for the past 25 years and presented the opportunity for an investor to acquire a top credit-backed lease with a strong operating history, significantly high deposits, and a clear commitment to the future of the branch.
Goodman Real Estate Services Group is a commercial real estate brokerage company specializing in marketing or acquiring real estate for its clients. Kyle Hartung is the Director of Investment Sales and can be reached at 216-381-8200, Ext. 205 and looks forward to discussing any investment sales needs, whether you are interested in selling, acquiring, or evaluating the current position of your property.