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Heartland Dental, Bradenton, FL

Heartland Dental, Bradenton, FL


Investment Summary

Price $2,597,000
Cap Rate 6.00%
NOI $155,820
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof replacement and structure
Rental Increases 10% rental increases every five (5) years including options
Year Built Built in 1999 | Renovated in 2019
Building Size 5,880 SF
Lot Size 1.214 acres (52,906 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

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

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR CORPORATE NET LEASE WITH UPCOMING 10% RENTAL INCREASE IN OCTOBER 2024
» Leased to Heartland Dental for 10 years plus four (4) 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 $504 billion under management
» Heartland Dental continues impressive national growth with 94 new locations opened in 2023

PRIME INFILL LOCATION ON HEAVILY TRAFFICKED BRADENTON THOROUGHFARE
» High-visibility and easily accessible location on 53rd Avenue East, with access to 52,799 vehicles per day in front of the site
» Convenient access to major Florida thoroughfares and interstates including Interstate 75 (102,500 AADT) and State Route 70 (45,825 AADT)
» Surrounded by a strong mix of local and national tenants such as Lowe’s, Walmart Supercenter, Publix, ALDI, Chick-fil-A, Starbucks, Dollar Tree, Bealls, McDonald’s, Wawa, and several others
» Centrally located near many Bradenton neighborhoods and community hubs such as Tara
Golf & Country Club, Lockwood Commons, Braden River Park, The Preserve Golf Club at Tara, Creekwood Park, Jiggs Landing, and many others
» Across the street from Manatee Technical College (3,635 students) and Braden River High School (1,774 students)

PROMINENT LOCATION IN DENSELY POPULATED AND AFFLUENT FLORIDA SUBMARKET
» 150,457 residents live within five miles of the site, creating a large and stable customer base for the property
» High average annual household income of $109,155 within five miles of the site and projected to increase 15% over the next five years
» Population density has nearly doubled within a five-mile radius of the property since 2010
» Projected population and AAHI increases within a 1-, 3- and 5-mile radii over the next five years poise Heartland Dental and Bradenton for steady concurrent growth
» Beneficial proximity to Sarasota Bradenton International Airport

Property Description

» This Heartland Dental features a high-visibility and easily accessible location on 53rd Avenue East, with access to 52,799 vehicles per day in front of the site
» The property benefits from its convenient access to major Florida thoroughfares and interstates including Interstate 75 (133,000 AADT) and State Route 70 (45,825 AADT)
» The site is surrounded by a strong mix of local and national tenants such as Lowe’s, Walmart Supercenter, Publix, ALDI, Chick-fil-A, Starbucks, Dollar Tree, Bealls, McDonald’s, Wawa and several others
» The property is centrally located near many Bradenton neighborhoods and community hubs such as Tara Golf & Country Club, Lockwood Commons, Braden River Park, The Preserve Golf Club at Tara, Creekwood Park, Jiggs Landing and many others.
» The site is located across the street from Manatee Technical College (3,635 students) and one mile from Braden River High School (1,774 students)
» 150,457 residents live within five miles of the site, creating a large and stable customer base for the property

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