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Heartland Dental, North Fort Myers, FL

Heartland Dental, North Fort Myers, FL


Investment Summary

Price $2,330,000
Cap Rate
NOI
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 10% rental increases every five (5) years including options
Year Built Retrofitted in 2019
Building Size 4,060 SF
Lot Size 0.8 acres (35,022 SF)
Status Closed
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

HEARTLAND DENTAL OUTPARCEL TO PUBLIX CENTER
» 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

CENTRAL LOCATION SURROUNDED BY MAJOR NORTH FORT MYERS COMMUNAL HUBS
» Outparcel to Publix-anchored shopping center, allowing the property to capture crossover shopping opportunities
» Infill location with beneficial proximity to U.S. Route 41 (52,000 AADT), allowing the site to capture significant commuter traffic
» High-visibility and easily accessible location at the signalized four-way intersection of Hancock Bridge Parkway and Orange Grove Boulevard (34,000 AADT)
» Property directly services high-density single-family communities, including Cape Coral (204,510 residents) and Lochmoor Waterway Estates (5,106 residents)
» Three miles from Lee Health – Cape Coral Hospital (291 beds, 1,200 employees), the largest employer in North Fort Myers

LOCATED IN QUICKLY GROWING AFFLUENT AND DENSELY POPULATED AREA
» The property resides in a densely populated area of North Fort Myers with 166,877 residents living within a five-mile radius of the site, a 24% increase since 2010
» Located in an affluent area with an average annual household income of $97,728 within one mile of the site
» Projected population and income increases within 3-, and 5-mile radii over the next five years poise Heartland Dental and North Fort Myers for steady concurrent growth
» Primed to capture significant suburban traffic from large housing developments directly west of the property and south from Cape Coral, the largest city between Tampa and Miami

Property Description

SOLD

» This Heartland Dental has a high-visibility and easily accessible location at the signalized four-way intersection of Hancock Bridge Parkway and Orange Grove Boulevard (34,000 AADT)
» The property is an infill location with beneficial proximity to U.S. Route 41 (52,000 AADT), allowing the site to capture significant commuter traffic
» Ideally set in a large suburban corridor, the property directly services high-density single-family communities, including Cape Coral (204,510 residents) and Lochmoor Waterway Estates (5,106 residents)
» The site greatly benefits from its proximity three miles from Lee Health – Cape Coral Hospital (291 beds, 1,200 employees), the largest employer in North Fort Myers
» 166,877 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 3- and 5-mile radii over the next five years poise Heartland Dental and North Fort Myers for steady concurrent growth

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