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Updated: 02.26.24 Posted: 09.23.23 Status: Sold

Summary

Price $3,163,000
Built/Renov 2019
Tenant Heartland Dental
Cap Rate 5.75%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 4,280
Lease Start 10-24-2019
#Units 1,600
Price/SF $739.02
Expiration 10-31-2029
Tenant Type Medical/Health
NOI $181,900
R. Term 4.5
Ownership Fee Simple
Rent/SF $42.50
Increases 10.0%/1/yrs
Pop 5Mi 121,987
Lot/AC 1.15
Options 4/5yrs/10%
AHHI 5Mi $138,990

Lease Highlights

  • Heartland Dental currently has 6 years remaining on the current lease term with 4 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Favorable NN+ lease with landlord responsible for roof and foundation
  • Corporate guarantee by KKR & Co, Inc (NYSE: KKR)

Location Description

The subject property is strategically positioned along Forestville Rd., a major thoroughfare that sees 17,000+ vehicles passing by daily. It is also within close proximity to the Rogers Rd., a signalized intersection that sees 24,500 vehicles per day. The site is directly across the street from Heritage High School (1,729 students) and less than a mile from Heritage Elementary & Middle School...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Heartland Dental is an American dental support organization, providing non-clinical administrative support services to over 2,600 dentists in over 1,600 dental offices across 38 states and the...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 11,005 67,650 133,460
2023 Total Population : 8,309 58,746 121,987
2023 Employed Civilian Pop : 4,123 30,029 63,300
2023 Total Businesses : 263 2,054 3,345
2023 Average Household Income : $ 144,342 $ 139,715 $ 138,990
2023 Total Consumer Spending : $ 371 M $ 2488 M $ 5232 M
2023 Median Age : 36 36 36
2023 Total Households : 3,023 20,906 44,173
2023 Pop Age 25+: Bachelor's Degree : 1,711 13,040 27,853
2023 Average Home Value : $ 449,572 $ 435,769 $ 435,998
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Rogers Road Heritage Branch Rd 2021 24,500 0.65 mi
Forestville Road Louisburg Rd 2021 17,000 0.68 mi
SR 2049 Pine Valley Dr 2020 13,000 0.68 mi
Heritage Lake Road Denby Pt 2021 17,000 0.95 mi
Burlington Mills Rd Linslade Way 2013 7,100 1.28 mi
Burlington Mills Road Forestville Rd 2021 8,200 1.28 mi
Burlington Mills Road Forestville Rd 2019 8,200 1.29 mi
Ligon Mill Road Wake Dr 2019 9,400 1.29 mi
South Main Street Cimarron Pkwy 2019 19,000 1.30 mi
Ligon Mill Rd Cameron Dr 2013 7,500 1.30 mi

Listing Broker

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