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Heartland Dental, Bradenton, FL

Heartland Dental, Bradenton, FL


Investment Summary

Price $3,327,000
Cap Rate 5.25%
NOI $174,660
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure
Rental Increases 10% Rental Increases Every 5 Years Including Options
Year Built 2022
Building Size 4,260 SF
Lot Size Contact For Details
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

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

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

HEARTLAND DENTAL OUTPARCEL TO NEW PUBLIX CENTER
» 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 $496 billion under management
» Heartland Dental continues impressive national growth with more than 87 new locations opened in 2022

PROMINENT LOCATION IN HIGHLY POPULATED AND AFFLUENT FLORIDA SUBMARKET
» Prominent location along State Road 64, with direct visibility and access to more than 30,000 vehicles per day in front of the site
» Population density has doubled within a five-mile radius of the property since 2010 and is projected to grow an additional 10% over the next five-years
» 75,485 residents within a five-mile radius creating a large built-in and growing customer base
» Exceptionally high average annual household income of $161,105 within one mile of the site
» Projected 15% average annual household income increase within a 1-, 3-, and 5- mile radii of the site in the next five years, poising Heartland Dental and Bradenton for significant concurrent growth

STRATEGIC LOCATION WITHIN LAKEWOOD RANCH DEVELOPMENT IN TAX FREE STATE
» Located within Lakewood Ranch, a large master-planned community spanning over 50 square miles and one of the largest and most successful communities in the U.S. (13,000+ homes and condos)
» Outparcel to a new Publix Super Market anchored shopping center development
» Near The Oasis at Manatee River Apartments (292 units) built in 2022
» Neighboring shopping center tenants include Publix, Culver’s, Wellness Animal Hospital, Tropical Smoothie, Glitz Nail Salon, Great Clips and the UPS Store
» Florida is an income tax-free state

2022 CONSTRUCTION FEATURING HEARTLAND DENTAL’S LATEST PROTOTYPE
» New 2022 construction, featuring Heartland Dental’s latest prototype, limiting near-term deferred maintenance or capital costs
» Transferable roof warranty at closing

Property Description

» Outparcel to a new Publix Super Market anchored shopping center development
» Located within Lakewood Ranch, a large master-planned community spanning over 50 square miles and one of the largest and most successful communities in the U.S. (13,000+ homes and condos)
» Neighboring shopping center tenants include Publix, Culver’s, Wellness Animal Hospital, Tropical Smoothie, Glitz Nail Salon, Great Clips, and the UPS Store
» Prominent location along State Road 64, with direct visibility and access to more than 30,000 vehicles per day in front of the site
» Population density has doubled within a five-mile radius of the property since 2010 and is projected to grow an additional 10% over the next five-years

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