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Aspen Dental, Richmond, VA

Aspen Dental

Price $2,800,000
Cap Rate 6.00%
NOI $168,000
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure
Rental Increases 10% Rental Increases Every Five Years
Year Built 2019
Building Size 3,500 SF
Lot Size 1.19 Acres (51,836 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551


Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR CORPORATE GUARANTEED NET LEASE TO FAST-GROWING TENANT
» 10-year corporate guaranteed net lease to Aspen Dental
» 10% rental increases every five years and in option periods
» Aspen Dental operates over 800 locations in 38 states

HIGH TRAFFIC LOCATION IN DENSELY POPOULATED AND AFFLUENT AREA
» Corner parcel location at signalized four-way intersection
» 60,000 AADT directly in front of the property
» 131,329 residents and $115,565 AAHI within a five-mile radius of the location
» Strong daytime employment due to housing density

IRREPLACEABLE INFILL LOCATION IN RICHMOND’S SECOND LARGEST RETAIL SUB-MARKET
» Within five miles of 14 major shopping centers (combined five million SF of retail space and 517 stores)
» Directly in front of Home Depot, Staples, and Petsmart
» Across the street from Target-anchored shopping center
» Adjacent to Johnston-Willis Hospital (292 beds, 1,160 employees)
» Walking distance of Chesterfield Towne Center mall, which features Macy’s, Sears, JC Penney, Barnes & Noble, HomeGoods, TJ Maxx, and many more national tenants
» Located in the second largest retail submarket in the Richmond metro, with over 7.2 million square feet of inventory



Property Description

The property is prominently located at the signalized four-way intersection of Midlothian Turnpike and Carmia Way, with excellent visibility and access to 60,000 vehicles per day directly in front of the location. The site is supported by a large and affluent customer base of 131,329 residents within a five-mile radius of the location, with an average household income of $115,565. Five office parks are located within five miles of the property, contributing to the area’s strong daytime employment.

Visibility is increased by the site’s location in Richmond’s second largest retail submarket, with over 7.2 million square feet of inventory. The property benefits from being across the street from a Target-anchored shopping center and is within five miles of 14 major shopping centers with a combined 5 million SF of retail space and 517 stores. It’s within walking distance of Chesterfield Towne Center, which features Macy’s, Sears, JCPenney, Barnes & Noble, HomeGoods, T.J. Maxx, and many other national tenants. The site is also near Costco, the largest and highest volume wholesale club out of five wholesale club locations in Richmond. Additionally, the location is adjacent to Johnston-Willis Hospital, which features 292 beds and 1,160 employees.

Contact Us About This Property

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