Aspen Dental and Dunkin Drive-Thru
Aspen Dental + Dunkin Drive-Thru in Fort Walton Beach, FL | $2.752M - 6.25% Cap Rate
Marketing description
CBRE's Net Lease Property Group is pleased to offer for sale a two-tenant investment opportunity with Aspen Dental and Dunkin' featuring a drive-thru. Aspen Dental and Dunkin' operate on triple-net (NNN) leases with a weighted average lease term remaining of ±6.4 years. Both tenants have successfully operated at this site for over 13 years and exercised ten (10) year extensions at the end of their initial terms, showcasing their success at and commitment to this location. Founded in 1998, Aspen Dental is the largest branded dental organization in the world with more than 1,100 independent offices across ±47 states. Founded in 1950, Dunkin' is the largest coffee and donuts brand in the United States with more than 14,000 restaurants across the world and is part of the Inspire Brands franchise.
Fort Walton Beach, FL was named one of Expedia's international "Destinations of the Year" and sees over 8 million visitors annually. The Property is located on a ±1-acre parcel with excellent visibility and frontage at the lighted intersection of Mary Esther Cut Off and Lovejoy Rd (±31,700 VPD). This location benefits from the nearby Hurlburt Field and Eglin Air Force Base, which supports over 42,000 individuals and generates over $9.2 billion in annual economic impact. Sun Plaza, ±2-minutes from the Property, attracts ±2.6 million visitors annually and is anchored by Publix, Aldi, TJ Maxx, and more. The Santa Rosa Mall, ±3-minutes from the Property, is being redeveloped into a mixed-use destination that will feature a grocery store, restaurants, retail shops, and ±206 multifamily units. Fort Walton Beach High School (±1,558 students) is ±4-minutes from the Property.
Investment highlights
- Two tenant drive-thru investment opportunity featuring Aspen Dental and Dunkin'. Both tenants operate on triple-net (NNN) leases with a weighted average lease term remaining of ±6.4 years.
- Aspen Dental and Dunkin' have operated at this site since 2012 and 2013, respectively. Both tenants exercised 10-year extensions at the end of their initial terms, showcasing their success at and commitment to this location.
- Founded in 1998, Aspen Dental is the largest branded dental organization in the world serving ±35,000 patients per day in more than 1,100 independent offices across 47 states (Source: Aspen Dental). Aspen Dental Management, Inc., Aspen Dental's corporate entity, is guaranteeing this lease.
- Founded in 1950, Dunkin' is the largest coffee and donuts brand in the United States with more than 14,000 restaurants in nearly 40 global markets. Dunkin' is part of Inspire Brands, a multi-brand franchisor whose ±33,000 store portfolio includes Dunkin', Arby's, Buffalo Wild Wings, Sonic, and more (Source: Dunkin').
- Mary Esther Donuts, LLC is owned and operated by Purple Square Management. Purple Square Management owns ±245 stores including ±100 Dunkin' locations as well as Popeyes, Rent-A-Center, RimTyme, Pizza Express, Take 5, Small Sliders, AFC Urgent Care, and more (Source: Franchise Times).
- The Property has frontage and excellent visibility on a ±1-acre parcel at the lighted intersection of Mary Esther Cut off and Lovejoy Rd (±31,700 VPD) (Source: FDOT, 24).
- Sun Plaza, ±2-minutes from the Property, attracts ±2.6 million visitors annually and is anchored by Publix, Aldi, TJ Maxx, and more (Source: Brixmor).
- The Santa Rosa Mall, ±3-minutes from the Property, is being redeveloped into a vibrant mixed-use destination planned to feature a full-service grocery store, restaurants, retail shops, and a ±206-unit multifamily development (Source: Get The Coast).
- Fort Walton Beach High School (±1,558 students) is ±4-minutes from the Property (Source: US News).
- Hurlburt Field, ±11-minutes from the Property, and Eglin Air Force Base, ±16-minutes from the Property, operate as part of the same regional military complex. Together, they support over 42,000 individuals and generate over $9.2 billion in yearly economic impact (Source: Military Instillations).
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