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Heartland Dental, Indianapolis, IN

Heartland Dental, Indianapolis, IN


Investment Summary

Price $3,046,000
Cap Rate 6.00%
NOI $182,754
Lease Term 10 years
Lease Type Net, with Tenant responsible for all taxes, insurance and maintenance (including roof). Landlord responsible for roof replacement and structure only.
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 4,260 SF
Lot Size 1.25 acres (54,450 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 $504B under management
» Heartland Dental continues impressive national growth with 94 new locations opened in 2023

HIGH VISIBILITY LOCATION IN NEWLY CONSTRUCTED KROGER-ANCHORED SHOPPING CENTER
» Outparcel to newly developed Kroger-anchored shopping center, positioning the property to capture crossover shopping opportunities
» Located just off the hard signalized intersection of East Southport Road & South Franklin Road, with access to a combined 38,395 cars per day
» One mile from Franklin Central High School (2,500+ students and 140+ full-time employees/support personnel)
» Surrounded by residential rooftops in one of the fastest growing areas on the southside of Indianapolis
» Major national retailers near the property include Target, The Home Depot, Menards, Kohl’s, LongHorn Steakhouse, McDonald’s, Panera Bread, Sherwin-Williams, Walgreens, and many others

SOUTHEAST INDIANAPOLIS IS EXPERIENCING RAPID GROWTH AND DEVELOPMENT
» The property resides in a rapidly growing area of Southeast Indianapolis with 112,933 residents living within a five-mile radius of the site, a 25% increase since 2010
» Located in an affluent area with an average household income of $180,002 within one mile of the site
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Heartland Dental and Southeast Indianapolis for steady concurrent growth
» Primed to capture significant suburban traffic from large housing developments directly south and west of the property
» Close proximity to the future Southern Meadows Apartment complex development with 250+ units

Property Description

» This Heartland Dental is outparcel to the newly constructed Johnson Fields | Kroger Anchored Development, including 60 acres of multi-use planned development
» The property is strategically located just off the signalized intersection of East Southport Road & South Franklin Road (38,395 cars per day) and four miles from an Interstate 65 interchange
» The site is surrounded by residential rooftops in one of the fastest growing areas on the Southside of Indianapolis
» This location features excellent demographics with an average annual household income in excess of $180,000 within a one-mile radius
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Heartland Dental and Southeast Indianapolis for steady concurrent growth
» The property is within 0.5 miles of the future Southern Meadows Apartment complex development with 250+ units

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