Aspen Dental
Waynesboro, Virginia
| Price | $2,874,000 |
| Cap Rate | 4.75% |
| NOI | $136,500 |
| Lease Term | 10 Years |
| Lease Type | Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure |
| Rental Increases | 10% Increases Every Five (5) Years Including Option Periods |
| Year Built | 2022 |
| Building Size | 3,500 SF |
| Lot Size | 0.56 Acres (24,393.60 SF) |
| Status | Available |
| Lead Broker Information | Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NEW 10-YEAR NET LEASE TO FAST-GROWING HEALTHCARE TENANT
» 10-year net lease to Aspen Dental with 10% rental increases every five years including option periods
» Aspen Dental operates over 939 locations in 43 states
» Aspen Dental is the fastest-growing network of independently owned dental practices in the U.S.
» New 2022 construction built to Aspen Dental’s latest prototype
HIGH-VISIBILITY LOCATION IN AN ESTABLISHED COMMUNITY POISED FOR GROWTH
» Located along U.S. 340/Rosser Avenue (29,000 AADT)
» Excellent visibility with immediate access to Interstate 64 (43,000 AADT)
» Walking distance to Brandon Ladd Apartments and Windigrove Apartments (234 units) and surrounded by high-density, single family housing developments
» 40,024 residents within five miles, establishing a reliable customer base for the site
» High average annual household income of $92,205 within a one-mile radius and projected to increase 11 percent by 2026, poising Aspen Dental and the immediate trade area for concurrent growth
» 30 minutes from the city of Charlottesville and the University of Virginia (27,115 enrollment)
PROMINENT LOCATION IN DENSE RETAIL CORRIDOR NEAR STRONG TRAFFIC DRIVERS
» Prime location adjacent to new Chipotle, Sheetz, Popeyes, and Take 5, and shadow anchored by Walmart Supercenter
» Situated in a dense retail corridor with nearby national brands such as Target, The Home Depot, Lowe’s Home Improvement, ALDI, Chick-fil-A, Verizon Wireless, Popeyes, Panera Bread, KFC, and many more
» Less than five miles from Augusta Health Hospital (255 beds, 230-acre campus) and a new one-million-square-foot Amazon Fulfillment Center (approx. 500 employees)
» Near many well-attended schools including Mary Baldwin University (2,184 students), Waynesboro High School (844 students), Kate Collins Middle School (697 students), and many others
» Six major hotels located within a one-mile radius with 446 rooms, providing a regular customer base for the site
Property Description
Aspen Dental is located near the signalized hard-corner intersection of U.S. 340/Rosser Avenue (29,000 AADT) and Lucy Lane. The property has excellent visibility with immediate access to Interstate 64 (43,000 AADT). The site is within walking distance of Brandon Ladd Apartments and Windigrove Apartments (234 units) and is surrounded by high-density single-family housing developments. 40,024 residents live within five miles, establishing a reliable customer base for the site. The community is affluent with an average annual household income of $92,205 within a one-mile radius and is projected to increase 11 percent by 2026, poising Aspen Dental and the immediate trade area for concurrent growth. The property is centrally located just 30 minutes from the city of Charlottesville and the University of Virginia (27,115 enrollment).
The site is in a prominent location near strong traffic drivers. The property is in a prime location adjacent to Chipotle and shadow-anchored by a Walmart Supercenter. The site is in a dense retail corridor with nearby national brands such as Target, The Home Depot, Lowe’s Home Improvement, ALDI, Sheetz (coming soon), Chick-fil-A, Verizon Wireless, Popeyes, Panera Bread, Starbucks, Popeyes (coming soon), and many more. The property is less than five miles from Augusta Health Hospital (255 beds, 230-acre campus) and a new one-million-square-foot Amazon Fulfillment Center (approx. 500 employees). The site is near many well-attended schools including Mary Baldwin University (2,184 students), Waynesboro High School (844 students), Kate Collins Middle School (697 students), and many others. Six major hotels are located within a one-mile radius with 446 rooms, providing a regular customer base for the site.
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