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Heartland Dental, Naples, FL

Heartland Dental, Naples, FL


Investment Summary

Price $3,976,000
Cap Rate 4.50%
NOI $178,920
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 5 Years Including Options
Year Built 2021
Building Size 4,260 SF
Lot Size 0.57 Acres (24,829 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
» 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
» 2021 construction built to Heartland Dental’s latest prototype

NEW CONSTRUCTION IN DENSELY POPULATED AND AFFLUENT FLORIDA LOCATION
» New 2021 construction, in a development that also includes Chick-fil-A and Aldi
» Prominent visibility from Immokalee Road and exposure to 54,500 vehicles per day directly in front of the property
» Densely populated area of Naples with 84,311 residents living within a five-mile radius of the site, a 47% increase since 2010 demonstrating Naples rapid growth
» Located in an affluent area with an average annual household income of $149,257 within 3-miles of the site
» Average annual household income is projected to grow by more than 17% within 1-,3-, and 5-mile radii over the next five years

CENTRAL LOCATION NEAR RETAIL, GOLF AND COUNTRY CLUBS, AND SCHOOLS
» Neighboring large national retailers including Aldi, Publix Super Market, CVS, Chase Bank, Walgreens, and Starbucks, helping to create a built-in customer base
» Near Gulf Coast High School (2,439 students) and Laurel Oak Elementary School (1,072 students)
» The site is surrounded by a number of Golf and Country Clubs including The Quarry Golf Club, Esplanade Golf and Country Club and Heritage Bay Golf and Country Club

Property Description

» New 2021 construction, in a development that also includes Chick-fil-A and Aldi
» Prominent visibility from Immokalee Road and exposure to 54,500 vehicles per day directly in front of the property
» Located in an affluent area with an average annual household income of$149,257 within three miles of the site
» Average annual household income is projected to grow by more than 17%within 1-, 3-, and 5-mile radii over the next five years

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