Investment Grade Opportunity
Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to exclusively offer the opportunity to acquire 201 W University Avenue in Champaign, IL. Chase Bank (S&P: A+) occupies approximately 48 percent of the property with a full-service bank branch with drive-thru, while the remaining portion of the building is occupied by Securitas AB (S&P: BBB-/A-3).
JPMorgan Chase Bank, N.A. signed a brand new 20-year lease with four, ten-year option periods in 2007. The lease is signed by the corporate entity and is gross with Chase paying their proportionate share of increases in real estate taxes, operating expenses and utilities over the base year.
Securitas AB signed a new 5-year lease in 2019 and their lease term expires in November 2024, but they’re open to an early termination, creating a perfect opportunity for an owner-occupant or investor.
201 W University Avenue was built in 1974 and fully remodeled over the years. Chase Bank occupies 14,554 SF and approximately 13,008 SF is occupied by Securitas AB, with an additional +/- 2,462 SF in common area.
The property is ideally located in downtown Champaign just northeast of the University of Illinois at Urbana-Champaign, which boasts over 56,000 students and more than 14,000 faculty and staff, south of Interstate 74, and just west of the Illinois Terminal. Additionally, the building is extremely well situated near major employers including Christie Clinic, Busey Bank, the City of Champaign and others, and is near dozens of restaurants and many eclectic shops in downtown Champaign.