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Elstar Dental, McAllen, TX

Elstar Dental, McAllen, TX


Investment Summary

Price $3,347,000
Cap Rate 6.50%
NOI $217,500
Lease Term 10+ years
Lease Type Net lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years in option periods
Year Built Built in 2000 | Renovated in 2024
Building Size 7,500 SF
Lot Size 1.09 acres (47,480 SF)
Status Available
Lead Brokers Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 10+ YEAR NET LEASE WITH CORPORATE GUARANTY
» New 10+ year net lease to Elstar Dental with a corporate guaranty
» 10% rental increases every five years in option periods, providing a passive long-term income generator
» Tenant signed a new lease and recently spent capex on the property, committing to this location long term
» Lease guarantor is New Benevis Smiles (the dental platform of New Mountain Capital with 112+ dental practices in the U.S.) – they are consolidating two locations into this one (recently renovated 7,500-SF building on a 1.09-acre lot)
» New Mountain Capital has $25 billion+ aggregate assets under management
» Benevis has grown to over 1.4 million patient visits per year and expanded service offerings to become an industry leader in providing non-clinical, business support services to dental practices in 13 states and the District of Columbia

EXCELLENT LOCATION OUTPARCEL TO HOME DEPOT-ANCHORED SHOPPING CENTER
» Outparcel pad within Jackson Palmer Crossing, a Home Depot-anchored shopping center featuring 14 stores and more under development, signaling the growth of the center
» High-visibility and easily accessible location at the signalized intersection of East U.S. Highway 83 and North Jackson Road (51,820 AADT)
» Ideally located just off Interstate 2, a major east-west thoroughfare that allows the site to capture significant commuter traffic (140,992 AADT)
» Excellent proximity to major national tenants such as Top Golf, Costco, Walmart Supercenter, Sam’s Club, Target, Lowe’s Home Improvement, Best Buy, H-E-B Plus, and many more
» Two miles from South Texas Health System McAllen (441 beds, 3,000+ employees)

DENSELY POPULATED AND GROWING TEXAS CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 237,599 residents live within five miles of the property
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Elstar Dental and McAllen for steady concurrent growth
» McAllen is home to a burgeoning medical industry and has experienced a 22+% population increase since the 2000 census, providing the ideal market for this dental practice
» Texas is an income-tax free state

Property Description

» This Elstar Dental has a high-visibility and easily accessible location at the signalized intersection of East U.S. Highway 83 and North Jackson Road (51,820 AADT)
» The property is ideally located just off Interstate 2, a major east-west thoroughfare that allows the site to capture significant commuter traffic (140,992 AADT)
» Outparcel pad within Jackson Palmer Crossing, a Home Depot-anchored shopping center featuring 14 stores and more under development, signaling the growth of the center
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Top Golf, Costco, Walmart Supercenter, Sam’s Club, Target, Lowe’s Home Improvement, Best Buy, H-E-B Plus, and many more, creating significant crossover shopping opportunities
» 237,599 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise New Benevis Smiles and McAllen for steady concurrent growth
» McAllen serves as a healthy advanced manufacturing community with over 145,000 employees, a booming retail trade of over $17.5B per year, and home to a burgeoning medical industry supported by the new UTRGV School of Medicine and a year-round tourism trade – all which coalesce to form a strong economic base

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