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Heartland Dental, Covington, GA

Heartland Dental, Covington, GA


Investment Summary

Price $3,054,000
Cap Rate 5.75%
NOI $175,560
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
Year Built 2023
Building Size 4,264 SF
Lot Size 0.85 acres (36,942 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Jack Hinson
Brokerage
704.572.9921
j.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
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 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
» 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 opened in 2022

PUBLIX OUTPARCEL IN A NEW 180-ACRE MIXED USE DEVELOPMENT
» High-visibility and easily accessible location near the signalized four-way intersection of Alcovy Road and Industrial Park Boulevard Northeast (combined 37,200 AADT)
» Trophy location just north of Interstate 20, a major east-west route traversing the entirety of Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
» Prime setting within Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
» Upon completion, Covington Town Center will attract an estimated 34,000 unique visits per day
» 2.4 miles from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington

DENSELY POPULATED AND GROWING ATLANTA SUBURB WITH EXCELLENT DEMOGRAPHICS
» 303,670 residents live within fifteen miles of the property, providing an extremely large customer base for the site
» Excellent average annual household income of $98,400 within a fifteen-mile radius of the site
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Heartland Dental and Covington for steady concurrent growth
» Gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (over six million people)

NEW 2023 CONSTRUCTION IN BUSINESS-FRIENDLY LOCATION
» New high-quality 2023 construction built to latest Heartland Dental prototype
» Georgia’s business climate has been ranked #1 in the nation for the 8th consecutive year by Site Selection
» Area Development ranked Georgia the top state for doing business for the 7th year in a row

Property Description

» This Heartland Dental has a high-visibility and easily accessible location along near the signalized four-way intersection of Alcovy Road and Industrial Park Boulevard Northeast (combined 37,200 AADT)
» The property is just north of Interstate 20, a major east-west route traversing the entirety of Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
» The location features a prime setting within Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
» The site greatly benefits from its proximity 2.4 miles from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington
» 303,670 residents live within a fifteen-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Heartland Dental and Covington for steady concurrent growth

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