Optima Dermatology
Retail | 7.00% CAP | 5,738 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a single-tenant, triple-net leased Optima Dermatology investment property located at 5817 Happy Hollow Road in Milford, Ohio (the “Property”). The Property was build-to-suit for Optima Dermatology in 2023 with a brand-new, 15-year lease that currently has over 13 years of term remaining followed by six (6), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option.
The Property is strategically located along Ohio Route 28, the primary retail and commercial throughfare in the area, and is just off of Interstate 275. Optima Dermatology benefits from excellent visibility and is exposed to high daily traffic counts. The location is across the street from the Delco Plaza Shopping Center, one of many large retail centers along OH Route 28 all of which create a major trade area with numerous national retailers and restaurants, in addition to local business and services. Milford is part of the Cincinnati MSA and is positioned 15 miles east of the city.
Investment highlights
LONG-TERM LEASE: Optima Dermatology is operating under a 15-year NNN lease, with over 13 years of firm term remaining and followed by six (6), 5-year renewal options.
NEW CONSTRUCTION: The new construction, build-to-suit Property was completed in 2023 and features an aesthetic, modern design.
ATTRACTIVE RENT INCREASES: The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option, providing the investor with an attractive increase in revenue and a hedge against inflation.
STRONG OPERATOR: Optima Dermatology is a fast-growing provider of dermatology and cosmetic services, focused on revolutionizing skin care by creating greater access to expert care and an unparalleled patient experience. The company has expanded rapidly over the last few years and currently has 20 locations across Ohio, Indiana, New Hampshire, and Maine.
STRATEGIC LOCATION: The Property is strategically located across the street from Delco Plaza Shopping Center, situated between Happy Hollow Road and the highly trafficked, signalized intersection of OH Route 28 and Business Route 28, which are just off of Interstate 275. Optima Dermatology benefits from fantastic visibility with excellent access to the area’s vast array of national retailers. Ohio Route 28 is home to several large shopping centers that pull significant traffic from Interstate 275 and Cincinnati’s eastern suburbs.
STRONG DEMOGRAPHICS: Over 38,100 people live within a 3-mile radius of the Property with an average household income of $130,109. Over 78,100 people live within 5 miles of the Property with an impressive average household income of $157,479.
TRAFFIC COUNTS: More than 35,500 vehicles per day pass by the Property along Business Route 28, while more than 38,300 vehicles per day pass by along OH Route 28. The signalized intersection of OH Route 28 and Business Route 28 is just off of Interstate 275 and sees more than 59,200 vehicles per day.
RETAIL TRADE AREA: Additional retailers driving traffic to the area include Lowe’s, Chick-fil-A, Chipotle, KFC, Dunkin’, Taco Bell, Arby’s, Freddy’s, Burger King, DaVita Dialysis, Scene75 Entertainment Center, Home Depot, Meijer, Kroger, Aldi, McDonald’s, Panera, Chase, Valvoline, Wendy’s, Tractor Supply, KinderCare, Firestone, Sherwin- Williams, and many others.
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