A bank such as Chase with a long-term lease (10 years + option) is always a good tenant to have so long as they don't have an exit clause in the lease. Bank leases usually have small rent bumps, i.e. small upside, so you just have to weigh your goals, such as: how long are you planning to hold the property, is there development potential that you might miss out on by being locked into the lease, etc.
There are some very good deals in commercial real estate in Washington State right now and prices are generally more competitive and CAP rates are higher than in California. Also, there is no state income tax in Washington, so if you are in the market for income property and would be willing to consider the Seattle area give me a call.
Jan H. Williams, CCIM
Mar 25, 2009