Marcus & Millichap Brokers Sale of Upstate South Carolina Retail Property Leased to Chase Bank
BOILING SPRINGS, S.C. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group have brokered the sale of a freestanding retail property in Boiling Springs, a city in Upstate South Carolina’s Spartanburg County. Chase Bank occupies the property on a 15-year, corporate guaranteed ground lease that features 10 percent rent increases in the initial term and extension options. The seller, a repeat developer for Chase Bank retail branches, delivered the property earlier this year. The undisclosed buyer purchased the store in a 1031 exchange. The sales price was also not disclosed. “This sale demonstrates that investment-grade assets continue to attract strong buyer demand, commanding aggressive pricing for low-rent deals in prime locations — despite the surplus of net lease inventory,” says McMinn.
BOILING SPRINGS, S.C. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group have brokered the sale of a freestanding retail property in Boiling Springs, a city in Upstate South Carolina’s Spartanburg County. Chase Bank occupies the property on a 15-year, corporate guaranteed ground lease that features 10 percent rent increases in the initial term and extension options. The seller, a repeat developer for Chase Bank retail branches, delivered the property earlier this year. The undisclosed buyer purchased the store in a 1031 exchange. The sales price was also not disclosed. “This sale demonstrates that investment-grade assets continue to attract strong buyer demand, commanding aggressive pricing for low-rent deals in prime locations — despite the surplus of net lease inventory,” says McMinn.
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