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DOM: 98 Updated: 02.29.24 Posted: 09.22.23 Status: Sold 12.29.23

Summary

Price $2,900,000 $3,190,000
Built/Renov 2004/2022
Tenant Heartland Dental
Cap Rate 6.05% 5.50%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 5,076
Lease Start 08-12-2022
#Units 1,600
Price/SF $571.32 $628.45
Expiration 08-31-2032
Tenant Type Medical/Health
NOI $175,450
R. Term 7.3
Ownership Fee Simple
Rent/SF $34.56
Increases 10.0%/4/yrs
Pop 5Mi 163,811
Lot/AC 1.04
Options 4/5yrs/10%
AHHI 5Mi $90,502

Lease Highlights

  • Recent 2022 renovation
  • Heartland Dental has more than 8 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 structure
  • Corporate guarantee by KKR & Co, Inc (NYSE: KKR)

Location Description

The subject property is strategically located on St. Lucie W. Blvd, a dense retail corridor that sees in excess of 43,500 vehicles passing by daily. The site benefits from a strong consumer draw to the trade area, with national retailers including Lowes, Walmart, Aldi, Publix, Home Depot and more less than a mile away. There are approximately 59K homes within a 5-mile radius of the subject...

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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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Traffic

Collection Street Cross Street Year Traffic Vol Distance
Southwest St Lucie West Boulevard NW Bethany Dr 2021 48,500 0.17 mi
Northwest California Boulevard NW Country Club 2020 14,000 0.72 mi
St Lucie West Blvd Florida's Tpke 2005 42,300 0.78 mi
Southwest Cashmere Boulevard SW Sandy Way 2021 13,200 0.89 mi
Northwest California Boulevard NW Toscane Trl 2021 13,800 0.91 mi
Northwest University Boulevard NW Enterprise Dr 2021 4,600 0.98 mi
Southwest Heatherwood Boulevard SW Maplewood Dr 2021 3,400 1.05 mi
NW Bayshore Blvd NW Billiar Ave 2005 13,500 1.06 mi
Northwest Bayshore Boulevard NW Kilpatrick Av 2021 14,700 1.14 mi
NW Bayshore Blvd NW Kilpatrick Ave 2001 9,000 1.19 mi

Listing Broker

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