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Heartland Dental, Colorado Springs, CO

Heartland Dental, Colorado Springs, CO


Investment Summary

Price $2,560,000
Cap Rate 5.75%
NOI $147,150
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 Years Including Options
Year Built 2022
Building Size 3,270 SF
Lot Size 0.78 Acres (33,977 SF)
Status Available
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

NEW 10-YEAR CORPORATE NET LEASE WITH SCHEDULED RENTAL INCREASES
» 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
» 2022 construction built to Heartland Dental’s latest prototype
» 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

HIGHLY AFFLUENT AREA NEAR MAJOR RETAILERS & U.S. AIRFORCE ACADEMY
» Less than a five-minute drive from the U.S. Airforce Academy (4,400+ students and 500+ employees/support personnel)
» High-visibility location and excellent demographics with average household incomes in excess of $186,000 within a one-mile radius
» Part of the Monument Ridge Development, including a new 250-unit multi-family complex, 16,000+ SF of shops, and other future national users
» Surrounded by national tenants including McDonald’s, Chase Bank, Walgreens, AutoZone, 7-Eleven, First Bank, Popeyes, King Soopers Supermarket, Starbucks, Walmart Supercenter, Home Depot, Kohl’s, and many others
» Several planned housing developments adjacent to the property providing continuing growth and customer support

HIGH-TRAFFIC LOCATION SURROUNDED BY MAJOR NEW DEVELOPMENTS
» Located just off the hard signalized intersection of Baptist Road and Struthers Road with 22,000 vehicles per day
» 0.3 miles from Interstate 25, which has a high traffic count of 70,000 vehicles per day
» Within 1.5 miles from the future Forest Lakes development, a master planned community with over 1,000 acres and future site of over 500 homes, along with a 275-acre retail/office/industrial business park
» Across the street from a future 40-acre residential development

Property Description

» Excellent visibility and access along Baptist Road. Heartland Dental benefits from the daily visibility
» Part of the Monument Ridge Development, including a new 250-unit multi-family complex, 16,000+ SF of shops, and other future national users
» Within 1 mile from the future Conexus development, a 170-acre industrial and commercial business park
» Within 1.5 miles from the future Forest Lakes development, a master planned community with over 1,000 acres and future site of over 475 homes, along with a 275-acre retail/office/industrial business park

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