heartland dental - loopnet · the coastal south florida market. the property is located 12 miles...

C

PARKLAND, FL

CORPORATE LEASE IN SOUTH FLORIDA TO HEARTLAND DENTAL ($1.3B REVENUE COMPANY)

HEARTLAND DENTAL

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Retail Aerial

2

60,500 VPD

26,000VPD

441

W HILLSBORO BLVD

COUNTRY CLUB LAKES


Retail Aerial

3

60,500 VPD

441

BOCA DUNES GOLF &

COUNTRY CLUB

BOCA RATON

4

Overview

HEARTLAND DENTAL

6.80%CAP

$2,183,000PRICE

7501 N STATE ROAD 7 PARKLAND, FL 33073

LEASABLE SF3,372 SF

LEASE TYPENN (LL responsible for roof & Structure)

NOI$148,432

LAND AREA1.16 Acres

PARKING25 Spaces

LEASE TERM10 Years(5 years remaining)


Corporate net lease to Heartland Dental ($1.3B in revenue)

E-commerce resistant medical use

5 years left with 2% annual rent increases and two 10-year options

Signalized hard corner outparcel to a Fitness/CVS-anchored center

Unbeatable frontage and daily traffic on US Route 441 (51,000 VPD)

Trade area retail includes: Walmart, Wawa, Publix, Target, Lowe’s

https://www.google.com/maps/place/7501+FL-7,+Parkland,+FL+33073/@26.3236167,-80.2056042,932m/data=!3m1!1e3!4m5!3m4!1s0x88d91b9c3dc96c89:0xd64f10f0fe24146c!8m2!3d26.3236167!4d-80.2034155




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Investment Highlights

CAPITAL PACIFIC is pleased to present the opportunity to acquire Heartland Dental, a net leased investment in Parkland, Florida. The lease has 5 years remaining of its initial 10-year term, and includes 2% annual rent escalations. Additionally, the lease features two 10-year renewal options at fair market value. The property is highly visible on a signalized hard corner, and fronts US Route 441, a major north-south thoroughfare in South Florida which carries more than 51,000 vehicles per day. Heartland Dental is an outparcel to a drugstore and fitness-anchored community center, and is located in a busy retail corridor that includes national retailers such as: CVS, Anytime Fitness, Walmart Supercenter, Publix, and BJ’s.

Contact the team


JOHN [email protected]: 415.274.2715CA DRE# 01440360

JUSTIN [email protected]: 415.274.7392CA DRE# 01895013

5HEARTLAND DENTAL HAD A 2017 ANNUALREVENUE OF OVER $1.3 BILLION

LOCATION OVERVIEW - Heartland Dental is located in the city of Parkland, FL, in the coastal South Florida market. The property is located 12 miles from Boca Raton and Deerfield Beach. It benefits from an affluent and dense surrounding trade area, with 294,000 residents within a 5-mile radius of the property and average household incomes of over $90,000.

IN CONJUNCTION WITH FL LICENSED BROKER: Berkshire Realty, LLCJohn [email protected]

95

95

95

869

834834

834

827

810 810

869

441

441

441

W HILLSBORO BOULEVARD

SAWGRASS EXPRESSWAY

SW 10TH STREET

FLORID

A’S TURN

PIKEFLO

RIDA’S TU

RNPIKE

WEST BOCA MEDICAL CENTER

NORTHWEST REGIONAL HOSPITAL

BROWARD HEALTH

HOSPITAL

BROWARD HEALTH NORTH

HOSPITAL

SCHOOL

SCHOOL

MIDDLE SCHOOL

MIDDLE SCHOOL

HIGH SCHOOLHIGH

SCHOOL

HIGH SCHOOL

GOLF COURSE

GOLF COURSE

GOLF COURSE

GOLF COURSE

GOLF COURSE

GOLF COURSE

ELEMENTARY SCHOOL

ELEMENTARY SCHOOL

ELEMENTARY SCHOOL

ELEMENTARY SCHOOL

205,000 VPD

55,500 VPD

67,400 VPD

60,500 VPD

54,000 VPD

106,800 VPD

83,300 VPD

224,000 VPD


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MIAMI(45 MILES)

Aerial

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Surrounding Retail

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Income & Expense

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 8

PRICE $2,183,000 Capitalization Rate: 6.80%

Total Rentable Area (SF): 3,372

Lot Size (AC): 1.16

STABILIZED INCOME PSFScheduled Rent $44.02 $148,432

Effective Gross Income $44.02 $148,432

EXPENSESCAM NNN $0.00

Taxes NNN $0.00

Insurance NNN $0.00

NET OPERATING INCOME $148,432

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Rent Roll

TENANT INFO LEASE TERMS RENT SUMMARY

TENANT NAME SQ. FT. START ENDCURRENT

RENT (6/1/19)

MONTHLY RENT

YEARLY RENT

MONTHLY RENT/FT

YEARLY RENT/FT

Heartland Dental 3,372 5/22/2014 5/31/2024 $12,167 $145,998 $3.61 $43.30

Lease signed by: Heartland Dental, LLC (Corporate) 6/1/2019 (2% inc.) $148,432 $12,369 $148,432 $3.67 $44.02

6/1/2020 (2% inc.) $12,617 $151,401 $3.74 $44.90

6/1/2021 (2% inc.) $12,869 $154,429 $3.82 $45.80

6/1/2022 (2% inc.) $13,126 $157,517 $3.89 $46.71

6/1/2023 (2% inc.) $13,389 $160,668 $3.97 $47.65

Option 1 6/1/2024 2/28/2034 Fair Market Value*

Option 2 6/1/2025 2/28/2044 Fair Market Value*

TOTALS: 3,372 $148,432 $12,369 $148,432 $3.67 $44.02

*Fair Market Value (sec. 4 of lease): “Any renewal of this lease shall renew the terms hereof, provided that landlord shall have the right to increase rental payments hereunder to the then current fair market value.”


BASE RENT

DATE RANGE MONTHLY RENT ANNUAL RENT

5/22/2014 - 5/31/2024 $12,167 $145,9986/1/2019 (2% inc.) $12,369 $148,4326/1/2020 (2% inc.) $12,617 $151,4016/1/2021 (2% inc.) $12,869 $154,4296/1/2022 (2% inc.) $13,126 $157,5176/1/2023 (2% inc.) $13,389 $160,668

OPTION RENTSDATE RANGE MONTHLY RENT ANNUAL RENT

#1. 6/1/2024 - 2/28/2034 Fair Market Value #2. 6/1/2025 - 2/28/2044 Fair Market Value

RENT

Enti

TENANT Heartland Dental dba Parkland Family DentistryENTITY Heartland Dental, LLCBUILDING SF 3,372 SFLEASE TYPE NNLEASE TERM 10 Years (5 years remaining)OPTIONS Two 10-year Options

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Lease Abstract

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COMMON AREA MAINTENANCE:

Tenant shall reimburse Landlord all “direct expenses” related to the operation, maintenance, repair, replacement, and security of the premises. Additionally, Tenant shall pay a management fee of up to 5% of gross receipts from operations

TAXES

Tenant shall reimburse Landlord for all applicable taxes and assessments.

INSURANCE

Tenant shall a comprehensive general public liability insurance of $1,000,000 per occurrence and $3,000,000 in aggregate.

UTILITIES

Tenant is responsible for direct payment of all utilities to the appropriate billing authority.

LANDLORD OBLIGATIONS

Landlord shall be responsible for all repairs and replacement of the roof, exterior and structure of the building. Additionally, Landlord shall maintain a comprehensive general public liability insurance policy of $1,000,000 per occurrence and $5,000,000 in aggregate.

TENANT OBLIGATIONS

Tenant shall be responsible for all non-structural portions of the Property, including HVAC and parking lot (via reimbursed operating expenses.)

EXPENSES

The details contained within the Lease Abstract are provided as a courtesy to the recipient for purposes of evaluating the Property’s suitability. While every effort is made to accurately reflect the terms of the lease document(s), many of the items represented herein have been paraphrased, may have changed since the time of publication, or are potentially in error. Capital Pacific and its employees explicitly disclaim any responsibility for inaccuracies and it is the duty of the recipient to exercise an independent due diligence investigation in verifying all such information, including, but not limited to, the actual lease document(s).

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441

NW 74TH PLACE

ENTRANCE FOR WATERWAYS SHOPPES AT PARKLAND

55,500 VPD

54,600 VPD

36,500 VPD

W HILLSBORO BOULEVARD810

441

7

441

7

810

Site Plan

11This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

25SPACES

3,372RENTABLE SF

1.16ACRES

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Tenant Overview


Heartland Dental, LLC is the largest dental support organization in the United States with more than 900 supported dental offices located in 37 states and over 11,000 employees. Based in Effingham, Illinois and founded by Rick Workman, DMD, Heartland Dental offers supported dentists and team members continuing professional education and leadership training, along with a variety of non-clinical administrative services including staffing, human relations, procurement, administration, financial, marketing, and information technology.

Heartland Dental brought in over $1.3 Billion in revenue in 2017, and was included in the 2017 Inc. 5000, which lists the fastest growing private companies in the U.S. It is the company’s seventh appearance in the Inc. 5000, a feat achieved by less than a tenth of Inc. 5000 honorees. In 2018, KKR acquired the majority interest in the company, becoming a significant partner.


Tenant Overview

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LOCATIONS IN 37 STATES900+

2017 REVENUE

$1.3 Billion

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Demographics

POPULATION

1-MILE 3-MILES 5-MILES

2010 13,844 96,903 268,791

2018 15,797 106,415 293,922

2023 16,769 113,254 310.122

2018 HH INCOME

1-MILE 3-MILES 5-MILES

Average $84,787 $94,973 $90,750 PARKLAND

MIAMI (45 MILES)

THE AVERAGE HOUSEHOLD INCOME WITHIN A 3-MILE RADIUS

IS OVER $94K


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FORT MYERS (141 MILES)

TAMPA(237 MILES)

TOP EMPLOYERS IN MIAMI MSA

EMPLOYER # OF EMPLOYEES

Miami-Dade Public Schools 40,000+

Miami-Dade County 25,502

Federal Government 19,200

Florida State Government 17,100

University of Miami 12,818

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Location Overview

PARKLAND is located on Florida’s east coast between only 45 miles from Miami and 24 miles from Fort Lauderdale, and is within the Miami-Fort Lauderdale-West Palm Beach metropolitan area. The coastal city retains a charming, small town atmosphere while also serving as a thriving business community where 95% of the workforce employed in white-collar jobs, well above the national average.

MIAMI is located on the Atlantic coast in southeastern Florida. It is the 42nd largest city in the United States, with a population of 463,347, and the 8th largest metro area with 6.06 million residents. Miami and its suburbs are located between the Florida Everglades to the west and Biscayne Bay to the east, which contains several hundred natural and artificially created barrier islands, the largest of which contains Miami Beach and South Beach.

MIAMI is home to many entertainment venues, theaters, museums, parks and performing arts centers. The city’s culture reflects its diverse population

with heavy influences from the Caribbean and Latin America. Tourism in Miami brings in over 15.9 million visitors and $36.6 billion a year, and it’s not stopping there. In 2018, the Miami Beach Convention Center underwent a $620 million expansion and renovation to grow the tourism sector to help grown the city’s tourism sector.

ABOUT MIAMI TOURISM

6.06 MILLION

MIAMI MSA POPULATION (ESTIMATED)


MIAMI

PARKLAND, FLORIDA

Miami is a major center and leader in finance, commerce, culture, media, entertainment, the arts, and international trade. Downtown Miami and South Florida are home to the second largest concentration of international banks in the United States, and many large national and international companies. The Civic Center is a major center for hospitals, research institutes, medical centers, and biotechnology industries.

For over 20 years, the PortMiami, known as the “Cruise Capital of the World,” has been the number one cruise passenger port in the world. The port has an annual economic impact of $41.4 billion, and supports approximately 324,000 jobs through combined commercial trade and cruise business.

Miami International Airport is one of the world’s busiest airports with 105 airlines serving 160 destinations. MIA generates business revenue of $30.9 billion annually, and welcomes 70% of all international visitors to Florida. Passenger and cargo traffic are trending upward, and MIA served a record 45 million passengers in 2018.

Due to its proximity to Latin America, Miami serves as the headquarters of Latin American operations for more than 1,100 multinational corporations. Among Miami’s top corporate headquarters are FedEx Latin America, Medtronic Latin America, Telefonica, UPS Latin America & Caribbean, and Univision. Miami is also home to 74 consulates, a multicultural workforce drawn from more than 100 countries, and is the second largest international banking center in the U.S.

GREAT FOR BUSINESS#2 INTERNATIONAL BANKING CENTER IN THE U.S.

#2 MOST CONNECTED CITY IN THE U.S. (FDI)

#3 TOP EMERGING TECH HUB (MASHABLE)

#3 JOB GROWTH IN FINANCIAL SERVICES (HEADLIGHT DATA)

#8 MOST BUSINESS FRIENDLY CITY (FDI)

NO PERSONAL INCOME TAX & LOW CORPORATE INCOME TAX

LOWER COST OF LIVING THAN COMPARABLE GLOBAL

BUSINESS CENTERS

FORTUNE 1000 COMPANIES #91 WORLD FUEL SERVICES (ENERGY)

#230 LENNAR (ENGINEERING & CONSTRUCTION)

#387 RYDER SYSTEM (TRANSPORTATION)

#428 MAS TEC (ENGINEERING & CONSTRUCTION)

HOME TO GLOBAL MULTINATIONALS


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Miami-Dade Economy

We’d love to hear from you.

CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:


JOE CACCAMOJOHN ANDREINI

JUSTIN SHARP

DAVE LUCAS

RICK SANNER JACK NAVARRA

CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS

JOHN [email protected]: 415.274.2715CA DRE# 01440360

JUSTIN [email protected]: 415.274.7392CA DRE# 01895013

Copyright © 2019 Capital Pacific Partners

ZANDY SMITH

CAPITALPACIFIC.COM

JUSTIN STARK

IN CONJUNCTION WITH FL LICENSED BROKER: Berkshire Realty, LLCJohn [email protected]

heartland dental - loopnet · the coastal south florida market. the property is located 12 miles...

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