STREAM Capital Partners > Properties > All Properties > Heartland Dental

Heartland Dental

Net Lease

2820 N. Green River Rd, Evansville, Indiana
Ownership Type:
Fee Simple
Price:
$3,262,000
Cap Rate:
5.35%
Current Rent:
$174,506
Tenancy:
Single Tenant
Lease Type:
Triple Net
Lease Term:
12 years
Landlord Responsibilities:
None
Renewal Options:
4, 5-year options
Building Sq. Ft.:
4,213 SF
Rent Increases:
10% in years 6 and 11 and each option
Site Size:
0.99 Acres

Investment Highlights

  • Corporate Lease: Recently signed 12-year lease with Heartland Dental, the largest DSO in the country, operating over 1,800 locations across 38 states. The company generated approximately $1.2 billion in 2024 revenue.
  • Rare Abs. NNN Lease Structure: The tenant is responsible for all maintenance and operating expenses providing completely passive ownership.
  • Grocery and Home Improvement Outparcel: The property is situated off of N. Green River Rd (25,000 VPD) and benefits from anchors Menards and Meijer, as well as having Schnucks, McDonalds, Chipotle, Freddy’s, Burger King, Panda Express, and AutoZone all nearby.
  • Excellent Rent Growth: The lease calls for two primary term rent increases (years 6 & 11) with escalations in each option period, providing superior rent growth in the back half of the primary term and option periods.
  • Newer Construction: The property was built in 2023 featuring Heartland Dental’s current prototype building and high-end design. The tenant invests significant capital in their upfit, making their cost to relocate expensive.
  • Convenient Interstate Access: The site is strategically positioned within a 7-minute drive of two I-69 interchanges, providing easy access for local and commuting patients.
Ownership Type:
Fee Simple
Price:
$3,262,000
Cap Rate:
5.35%
Current Rent:
$174,506
Lease Type:
Triple Net
Lease Term:
12 years
Landlord Responsibilities:
None
Renewal Options:
4, 5-year options
Building Sq. Ft.:
4,213 SF
Rent Increases:
10% in years 6 and 11 and each option
Site Size:
0.99 Acres

Listing Agents

Graham Gold

Vice President
314 324 8792[email protected]

Connor Shell

Managing Director
407.913.9009[email protected]

Jordan Koeppel

Senior Vice President
561 789 5504[email protected]

Jordan Shtulman

Managing Principal
847.226.4133[email protected]

Analyst

Ben Hollis

Analyst
256.595.2574[email protected]

Bang Realty, Brian Brockman | [email protected] | Lic: IN – RB14037939

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