Investment Summary
Price | $2,270,000 |
Cap Rate | |
NOI | |
Lease Term | 10 Years |
Lease Type | Net, With Tenant Responsible For All Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot |
Rental Increases | 10% Rental Increases Every Five (5) Years |
Year Built | 2021 (Under Construction) |
Building Size | 3,517 SF |
Lot Size | 0.66 Acres (28,566 SF) |
Status | Sold |
Lead Brokers | Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
10-YEAR NET LEASE WITH CORPORATE GUARANTEE TO FASTGROWING TENANT
» 10-year corporate guaranteed net lease to Aspen Dental
» 10% rental increases every five years and in option periods
» Aspen Dental operates over 900 locations in 43 states
» Aspen Dental is the fastest growing network of independently owned dental practices in the U.S.
» New 2021 construction built to Aspen Dental’s latest prototype
HIGH TRAFFIC LOCATION IN POPULOUS AND AFFLUENT AREA
» Prominently located along State Route 95, a major U.S. Highway in Arizona running through Lake Havasu City (20,347 AADT)
» Beneficial proximity three miles from the Arizona/California borderline and the Colorado River
» Projected 12 percent average annual household income increase within five miles of the site in the next five years, poising Aspen Dental and Lake Havasu City for significant concurrent growth
NEW 2021 BUILD IN DENSE RETAIL CORRIDOR
» Within five miles of two major shopping centers with a combined 867,962 SF of retail space and 45 stores
» Walking distance to The Shops at Lake Havasu shopping mall center featuring JCPenney, Dillard’s, Walmart Supercenter, Pet Smart, Home Depot, Stars Cinema, Bealls Outlet, Kay Jewelers, McDonalds, and more
» 10 miles from Lake Havasu State Park, one of the state’s most visited state parks, which generated $2 million in economic impact in 2018
» Gateway to Lake Havasu City Center, with 835,000 annual visitors and $208.5 million generated in visitor spending, increasing commuter and visitor traffic to the site
Property Description
SOLD
The property is prominently located along State Highway 95, a major U.S. Highway in Arizona running through Lake Havasu City. This location offers excellent visibility and access to 20,347 vehicles per day within a three-mile area. The location maintains a beneficial proximity three miles from the Arizona/California borderline and the Colorado River. The site is also primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within five miles of the site in the next five years.
Visibility is increased by the site’s location in a dense retail corridor. The property benefits from being within walking distance of a The Shops at Lake Havasu shopping mall center featuring JCPenney, Dillard’s, Walmart Supercenter, Pet Smart, Home Depot, Stars Cinema, Bealls Outlet, Kay Jewelers, McDonalds, and more. Traffic to the property is increased by the site’s proximity to two major shopping centers within five miles with a combined 867,962 SF of retail space and 45 stores. The site serves as a gateway to Lake Havasu City Center (835,000 annual visitors, $208.5 million generated in visitor spending) and is 10 miles from Lake Havasu State Park one of the state’s top-three most visited state parks, with over 563,000 visitors and more than $2 million earned in fiscal year 2018.