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Heartland Dental & T-Mobile, Arlington, TN

Heartland Dental & T-Mobile, Arlington, TN


Investment Summary

Price $3,350,000
Cap Rate 6.00%
NOI Heartland Dental: $126,000 | T-Mobile: $75,000
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 2023
Building Size Heartland Dental: 3,600 SF | T-Mobile: 2,500 SF
Lot Size 1.07 acres (46,609 SF)
Status Under Contract
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 LEASES
» Leased to Heartland Dental and T-Mobile for 10 years plus three (3) five-year options
» 10% fixed rental increases every five years in initial term and extension terms
» Heartland Dental, LLC is the largest dental support organization in the U.S., with more than 1,700 supported dental offices located in 38 states
» Heartland Dental is majority owned by KKR, the largest global investment company in the world with over $496B under management
» Heartland Dental continues impressive national growth with more than 87 new locations and 67 newly affiliated practices opened in 2022
» T-Mobile is one of the United States’ premier wireless carriers, boasting total revenue in excess of $78.5B in 2023
» T-Mobile is America’s largest, fastest, and most reliable 5G network with an impressive user count of approximately 110 million Americans

PROMINENT LOCATION IN A RAPIDLY GROWING RETAIL CORRIDOR
» Located just off the hard signalized intersection of Airline Road and Milton Wilson Boulevard, with access to a combined 22,913 vehicles per day
» Proximity to Interstate 40 (56,989 AADT), the third-longest east-west freeway in the U.S. connecting Arlington to Memphis, allowing the site to capture an immense amount of commuter traffic
» Located within walking distance from Arlington High School (2,163 students)
» The property is in a prime location within a rapidly growing retail corridor with neighboring retailers including Whataburger, Starbucks, O’Reilly Auto Parts, McDonald’s, Kroger, Sonic Drive-In, Shell, Wendy’s and many others
» Across the street from new retail development projects such as The Shops at Arlington Village (anchored by a new Kroger Marketplace projected to open Q2 2024) and Provident Place (45-acre mixed-use development), showing the growth and interest in the area

AFFLUENT LOCATION IN GROWING MEMPHIS SUBURB
» 28,502 residents live within a 5-mile radius of the property, providing the site with a stable customer base
» High average annual household income of $150,317 (projected to increase more than 16% by over the next five years) within five miles of the site
» Surrounded by a plethora of single-family home communities such as Villages of Summer Meadows, Hayesville Estates, Chapel Ridge, and Snyder Grove
» Near several well attended schools in the Arlington ISD, including Arlington High School (2,163 students), Arlington Middle School (1,005 students) and Arlington Elementary School (875 students)
» Gateway to Downtown Memphis, the second most populous city in Tennessee (618,626 residents)

Property Description

» High-Visibility Location: This two-tenant asset is prominently positioned near the signalized intersection of Airline Road and Milton Wilson Boulevard, which collectively see nearly 23,000 vehicles travel along them each day
» Prime Setting: The location features a prime setting in Arlington’s rapidly growing retail corridor with new retail development projects located across the street from the site: The Shops at Arlington Village (anchored by a new Kroger Marketplace projected to open
Q2 2024) and Provident Place (45-acre mixed-use development), showing the growth and interest in the area
» Reliable Customer Base: The site greatly benefits from its close proximity to residential communities including Villages of Summer Meadows (single-family home community with 374 homes) and Hall Creek at Arlington (165 units)
» Beneficial Proximity to Schools: Arlington Elementary School, Arlington Middle School, and Arlington High School are located within two miles from this Heartland Dental and T-Mobile, providing consistent traffic from the combined 4,043 students that attend these schools
» Excellent Demographics: 28,502 residents live within a five-mile radius of the subject property, supported by an average annual household income of $150,317
(projected to increase by more than 16% over the next five years)

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