The subject property is a 5,000-square foot single tenant Navy Federal Credit Union in Belle Chase (New Orleans), Louisiana. The lease is an absolute net lease with zero landlord responsibilities and has a corporate guarantee from the largest retail credit union in the world with over $54 billion in assets. One and one half years remain on the term with three percent annual rent increases, and there are two, five-year options for renewal. The build-to-suit property was constructed in 2007 and sits on approximately 0.79 acres of land.
Navy Federal Credit Union is located on the hard corner of Highway 23 (Belle Chasse Highway) and South Concord Road. This strategic location is 0.5 miles from the front gate of the Naval Air Station Joint Reserve Base New Orleans (NAS JRB). NAS JRB is 20 minutes south of downtown New Orleans and is home to VP-94, VFA-204, VR-54, Louisiana Air National Guard, U.S. Air Force Reserve, U.S. Coast Guard, and the U.S. Customs Service. The five mile population is 53,109 with an average household income exceeding $74,500.
