Heartland Dental

Net Lease

1000 N. Neltnor Boulevard, West Chicago, Illinois

Ownership Type:

Owner/User

Price:

$2,761,800

Cap Rate:

5.35%

Current Rent:

$147,756

Tenancy:

Single Tenant

Lease Type:

Triple Net

Lease Term:

10 years

Landlord Responsibilities:

None

Renewal Options:

4, 5-year options

Building Sq. Ft.:

3,530 SF

Rent Increases:

10% every 5 Years

Site Size:

2.37 Acres

Investment Highlights

Corporate Lease: New 10 year lease with Heartland Dental, the largest DSO organization in the U.S., with more than 1,800 dental offices in 38 states. 2022 revenue was $1.2bn.
Rare Abs. NNN Lease Structure: The tenant is responsible for all maintenance including roof, structure, and parking lot providing completely passive ownership.
Scheduled Rent Increases: The lease calls for rental increases of 10% every five years including the option periods.
Recent Renovation: Heartland Dental recently renovated the former bank branch to their specifications, limiting any potential CAPX exposure for the landlord.
Convenient Access: The property is located on IL-59 (29,666 VPD), a major North/South thoroughfare that connects the property to IL-64 (34,880 VPD), a major East/West road running to downtown Chicago.
Chicago MSA Location: West Chicago is home to an affluent customer base for Heartland Dental, with average household incomes of $130,000 within 1 mile of the site.

Access Offering Memorandum

Ownership Type:

Owner/User

Price:

$2,761,800

Cap Rate:

5.35%

Current Rent:

$147,756

Lease Type:

Triple Net

Lease Term:

10 years

Landlord Responsibilities:

None

Renewal Options:

4, 5-year options

Building Sq. Ft.:

3,530 SF

Rent Increases:

10% every 5 Years

Site Size:

2.37 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]

Download Offering Memorandum

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