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Aspen Dental Net Lease Investment | 6.6% Cap Rate

1980 N Columbia Street
Milledgeville, GA 31061
PRICE : $2,150,000
CAP RATE: 6.6%
PROPERTY TYPE: Retail
SITE SIZE: 0.92 Acres
BUILDING SIZE: 3,780 SF
YEAR BUILT: 2016

Highlights

  • Tenant providing “essential business” services in a busy retail corridor of over 36,000 VPD
  • Recent 2016 construction amid a “who’s who” of national retailers
  • Vibrant MSA with retail, higher education and industry supporting the “Aerospace Corridor” of Middle Georgia
  • Ten-year NN lease with 6+ years remaining and minimal Landlord responsibilities
  • Attractive rent increases of 10% every 5 years with 2 five-year renewal options
  • Features “A+” real estate and an attractive 6.6% cap rate
  • Nationally recognized tenant with a strong corporate guaranty and plans for continued expansion of 75-100 locations per year

Description

Aspen Dental is an industry leader in full-service dental care. This location, constructed in 2016, is on a busy retail and business corridor on US-441 in Milledgeville, GA with traffic counts exceeding 36,000 VPD. Milledgeville is located in Middle Georgia and was the state capital from 1807 to 1867. This area is also part of Georgia’s “Aerospace Corridor” anchored by nearby Robins Air Force Base in Warner Robins.

This recently built, attractive, 3,780 SF, single tenant NN leased property on ±.92 acres is situated between a new Aldi and Walgreens. The immediate trade area includes the Milledgeville Mall, and national retailers such as PetSmart, Hobby Lobby, Lowe’s, Office Depot, Belk, Bed Bath and Beyond, Tractor Supply, and numerous casual dining and fast food restaurants.

When Aspen Dental opened its doors in 2016, they operated 500 locations in 30 states. Today, Aspen Dental has over 800 locations nationwide in 43 states. This location meets the ideal target audience profile that Aspen Dental seeks. Milledgeville provides a large residential population of over 30,000 within 5 miles, local universities, a military college, and many large employers from which to draw patients from.

The 10-year NN lease has over 6 years remaining on the initial term with two five-year renewal options. In addition, there are 10% rent increases every 5 years. Landlord responsibilities are limited to roof and structure. The Tenant fully reimburses the Landlord for taxes, insurance, and landscaping expenses.

Aspen Dental is an “essential business” in the current COVID-19 environment. Additionally, this net lease investment offers outstanding real estate and a competitive cap rate of 6.6% with a strong corporate guarantor.

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