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Heartland Dental, Groveland, FL

Heartland Dental, Groveland, FL


Investment Summary

Price $2,590,000
Cap Rate 5.65%
NOI $146,280
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 2022
Building Size 4,240 SF
Lot Size 0.84 acres (36,418 SF)
Status Available
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 TO THE LARGEST DENTAL SUPPORT ORGANIZATION IN THE U.S.
» 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 and 67 newly affiliated practices opened in 2022

HIGH VISIBILITY LOCATION ACROSS FROM PUBLIX-ANCHORED SHOPPING CENTER
» Located directly across the street from the Eagle Ridge Shoppes, a Publix-anchored shopping center
» Easily accessible location just northwest of the hard signalized intersection of State Route 50 /Broad Street (34,000 AADT) & County Road 565A (10,300 AADT)
» Surrounded by a strong mix of local and national tenants including Publix Super Markets, Burger King, Dunkin’, Taco Bell, Wendy’s, Walgreens, T-Mobile, The UPS Store, Great Clips and several others
» Centrally located near several schools and community hubs, including South Lake High School (2,084 students), Groveland Elementary School (744 students), and Green Valley Country Club
» Surrounded by single-family housing developments such as Westwood, Green Valley, Eagle Pointe, Cypress Oaks, and Crane’s Landing, providing a stable customer base for the site

AFFLUENT AND RAPIDLY GROWING ORLANDO SUBURB
» State Route 50 traverses through the center of Florida and connects Groveland to Orlando, allowing the site to capture a significant amount of commuter and tourist traffic
» Groveland is part of the Orlando-Kissimmee-Sanford Metropolitan statistical area, the third largest MSA in the state with a total population of 2,673,376
» 51,816 residents live within a 5-mile radius of the site (more than a 53% increase from 2010), providing a rapidly growing customer base for the property
» Average annual household income of $99,133 within a three-mile radius and projected to increase 17% by 2028, poising Heartland Dental and Groveland for concurrent growth
» The area surrounding the site within a 3-mile radius has seen an 82% population increase since the 2010 census

Property Description

» Exceptional Visibility and Access: This Heartland Dental is located near the signalized intersection of State Route 50 / Broad Street and County Road 565A (combined 44,300 AADT)
» Excellent Location: Located directly across the street from the Eagle Ridge Shoppes, a Publix anchored shopping center with other major national tenants such as Dunkin’, Burger King, T-Mobile, and The UPS Store
» Reliable Customer Base: Situated in a largely residential neighborhood and located near communities such as Westwood, Green Valley, and Eagle Pointe, the property is a convenient and attractive option for Groveland residents
» Beneficial Proximity to Schools: The site is surrounded by schools, including South Lake High School (2,084 students), Gray Middle School (1,220 students), and Groveland Elementary School (744 students), providing a stable customer base for the site
» Set Within A Major MSA: This Heartland Dental is located in the Orlando-Kissimmee-Sanford Metropolitan statistical area, the third largest MSA in Florida with a total population of 2,673,376
» Strong Demographics: Within a five-mile radius of the site, the population count is 51,816 (a nearly 54%increase since 2010), while the average annual household income within a three-mile radius is $99,133 (projected to increase by 16% over the next five years)

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