Listed by Cushman & Wakefield - Sacramento, California
$3,282,000
Heartland Dental | Rare Early 10 Yr. Lease Extension
Details
Property Type Retail, Office
Sub Type Medical Office
Square Footage 4,680
Cap Rate 6.00%
NOI $196,880
Tenancy Single
Brand/Tenant Aspen Dental, Heartland Dental
Lease Type NN+
Lease Term 10
Lease Expiration 03/31/2036
Remaining Term 10
Rent Bumps Yes
Broker Co-Op Yes
Year Built 2019
Acreage 0.650
Parking Spaces 28 spaces
Parking Per SqFt 5.98
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 04/01/2026
Ground Lease No
Sale Condition 1031 exchange
10-year Corporate Lease | 6.00% CAP | 10% increases every 5-years
Marketing description
» The site is performing so well that the tenant signed a new 10-year lease with 4, 5-year options to extend
» 10% fixed rental increases every five years in initial term and extension terms
» Heartland Dental, LLC is the largest dental support organization in the U.S., with more than 1,700 supported dental offices located in 38 states
» Heartland Dental is majority owned by KKR, the largest global investment company in the world with over $496B under management
» Heartland Dental continues impressive national growth with 87+ new locations opened in 2022
» Upcoming 10% rental increase in September 2024
Investment highlights
- Exceptional Visibility and Access: This Heartland Dental is located near the confluence of State Route 247 and State Route 96 (combined 41,200 AADT) with interparcel access within Merganser Commons (anchored by Publix Super Market)
- Excellent Location: Situated in a largely residential neighborhood and located near communities such as Stratford Hills, Harley Farms, and Harley Estates, the property is a convenient and attractive option for Bonaire residents
- Reliable Customer Base: The property is located near several major employers, including Frito-Lay Inc, Northrop Grumman, and Anchor Glass Container Corporation
- Beneficial Proximity to Schools: The site is surrounded by schools, including Windsor High School (1,172 students), Windsor Middle School (812 students), Grandview Elementary School (763 students), and Skyview Elementary School (602 students)
- Set Near A Major U.S. Airforce Base: This Heartland Dental is located less than 10 miles from Robins Air Force Base (the largest single-site industrial complex in Georgia)
- Strong Demographics: Within a five-mile radius of the site, the population count is 67,201, while the average annual household income within a one-mile radius is $130,173
Listing Contacts
Listed by Cushman & Wakefield - Sacramento, California
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$196,880.00
$16,406.67/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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