Heartland Dental | Tucson, AZ
Office | 5.15% CAP | 4,260 SqFt
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
- New 12-year corporate absolute NNN lease to Heartland Dental, the largest dental support organization in the U.S. with more than 1,850 supported dental offices.
- 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 in the initial term and four (4) option periods of five (5) 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's supported network delivered more than $4.2 billion in total annual revenue, underscoring its scale and influence in the U.S. dental industry.
- New construction relocation office from a previous end-cap space within the same development.
- Positioned as a direct outparcel to The Home Depot, the site benefits from meaningful retail synergy and sustained crossover consumer traffic.
- Situated within Houghton Town Center, a 118-acre master-planned commercial hub featuring nationally recognized tenants including a future Costco, Walmart Supercenter, Sprouts, Petco, and TJ Maxx.
- Prominent, highly visible site located at the signalized intersection of East Old Vail Road and South Houghton Road, benefiting from traffic volumes exceeding 42,000 vehicles per day and strong regional connectivity.
- 5-mile population has increased 57% since 2010.
- Exceptional affluence is demonstrated by average household incomes of $168,017 within one mile, supporting strong consumer spending power and tenant viability.
- Favorable demographic trends, including projected population and income growth across the 1-, 3-, and 5-mile radii, position the site for sustained long-term demand and continued co-tenancy strength within the Tucson market.
- New 2026 construction built to the latest Heartland Dental prototype - relocation site from a former Heartland Dental within the same development.
- 4,260-SF building to accommodate for the ideal Heartland Dental patient experience.
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