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Heartland Dental, Montrose, CO

Heartland Dental, Montrose, CO


Investment Summary

Price $2,594,000
Cap Rate 5.75%
NOI $149,100
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 4,260 SF
Lot Size 0.75 acres (32,844 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

CONVENIENT LOCATION NEAR RESIDENTIAL COMMUNITIES, GOLF AND COUNTRY CLUBS, SCHOOLS, AND OTHER COMMUNITY HUBS
» High-visibility location at the intersection of East Niagara Road and Hillcrest Drive
» Several planned housing developments and single-family home communities near the property, providing continuing growth and customer support
» Minutes away from Bridges Golf & Country Club, a 400-acre golf course community with a golf course, full-service restaurant Remington’s At the Bridges, real estate offerings, and an event center
» Conveniently located near Columbine Middle School (503 students), Centennial Middle School (578 students), Pomona Elementary School (334 students), and Montrose High School (1,391 students)
» Less than two miles from Montrose Regional Health, the leading healthcare facility in the San Juan Valley with 75 beds and more than 700 employees and 100 physicians
» Less than two miles from Montrose’s primary retail corridor featuring major national retailers such as Walmart, Target, City Market, Hobby Lobby, Marshalls, Ross Dress for Less, and many more
» Surrounded by residential communities such as The Promontory at English Gardens (57 lots), The Homestead at Montrose (senior living community with 50 units), and Montage Creek (senior living community with 107 units)

NEW 2023 CONSTRUCTION
» New high-quality 2023 construction built to Heartland Dental’s latest prototype

Property Description

» Exceptional Visibility and Access: This Heartland Dental is located along East Niagara Road (9,438 AADT) with multiple access points along Market Street
» Excellent Location: Situated in a largely residential neighborhood and located less than two miles from Montrose Regional Health (75 beds; more than 700 employees and 100 physicians), the property is a convenient and attractive option for Montrose residents
» Reliable Customer Base: The property is located near several housing developments and single-family home communities providing continuing growth and customer support
» Beneficial Proximity to Schools: The site is surrounded by schools, including Montrose High School (1,391 students), Centennial Middle School (578 students), Columbine Middle School (503 students), and Pomona Elementary School (334 students)
» Set in Colorado: Colorado is ranked the #5 state for business environment, providing a positive outlook for future growth of this Heartland Dental
» Growing Demographics: The anticipated income growth within 1-, 3-, and 5-mile radii over the next five years presents a favorable backdrop the concurrent growth of Heartland Dental and Montrose
» New 2023 Construction: This brand new Heartland Dental is built to the latest prototype

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