Heartland Dental | Corp. Abs NNN Lease
Tampa MSA | New Absolute NNN Lease
Marketing description
Heartland Dental is the largest dental support organization (DSO) in the United States, providing non-clinical administrative services—including operations, technology, marketing, and procurement—to affiliated dental practices. The company was founded in 1997 by Dr. Rick Workman and is headquartered in Effingham, Illinois. Heartland Dental operates through a partnership model that allows dentists to maintain clinical autonomy while receiving operational support. As of 2025, the organization supported more than 3,000 dentists across over 1,900 dental offices in 39 states and the District of Columbia, serving millions of patient visits annually.
Heartland Dental is privately held and majority-owned by global investment firm KKR, with additional ownership by Ontario Teachers' Pension Plan and company leadership; as a result, Heartland itself has no public stock ticker or standalone S&P credit rating, and investors typically evaluate sponsor strength by reference to KKR & Co. Inc. (NYSE: KKR) and its credit profile.
Financially, Heartland Dental has demonstrated strong growth over the past decade, with estimated annual revenue exceeding $4–5 billion and continued expansion in practice affiliations and patient volume. In 2025, the company's network expanded to over 1,900 supported dental practices, reflecting continued momentum in the dental services sector as patient demand for oral healthcare and preventive services increases. The company also continued to invest in technology, staffing platforms, and patient financing tools to support doctors, improve clinical workflows, and remove barriers to care, positioning the business for continued growth in 2026 and beyond.
Backed by significant private-equity capital and a national operating platform, Heartland Dental remains a leading consolidator in the fragmented dental industry, positioning the organization for ongoing growth through new practice development, strategic affiliations, and expanded clinical technology adoption.
Investment highlights
- Newly casted 10-year absolute NNN lease with a proven office (one of the top performing offices out of all 1,800+ locations), demonstrating long-term commitment to the site.
- Localized Branding Strategy: Although backed by Heartland Dental's national infrastructure and credit strength, each practice is intentionally branded and operated with a localized identity designed to align with the surrounding community.
- 10% rental increases every five years in initial term and four (4) option periods of five years each, providing a long-term income generator.
- Tenant covers all taxes, insurance, and maintenance, including roof, structure, and parking lot, providing a fully passive investment.
- Heartland Dental is majority owned by KKR, the largest global investment company in the world with over $504B under management.
- Heartland Dental added 165 new practices to its network in 2025: 75 new de novo (built-from-scratch) practices, 33 practices through strategic affiliations, and 60 practices via the acquisition of Smile Design Dentistry.
- Heartland's supported network delivered more than $4.2 billion in total annual revenue, underscoring its scale and influence in the U.S. dental industry.
- Highly visible and easily accessible location near the intersection of Commercial Way & Outer Banks Drive, with multiple points of ingress/egress to the property.
- The site's location along U.S. Route 19 allows the property to capture significant local and commuter traffic from Clearwater (117,000+ population).
- Shoppes at Glen Lakes is a 70,000+ SF shopping center with 883.6k annual visits, featuring tenants such as Publix Super Market, Anytime Fitness, Walgreens, and Dunkin'.
- Ideally located to service large communities, multiple housing tracts, and new developments directly southeast of U.S. Route 19, including Spring Hill (123,000+ residents), Highpoint (7,900+ residents) and Brookridge (4,800+ residents).
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