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Aspen Dental & Sleep Number, Jacksonville, NC

Aspen Dental & Sleep Number

Price $3,734,000
Cap Rate 6.00%
NOI $224,000
Lease Term Various
Lease Type Various
Rental Increases Various
Year Built 2019
Building Size 6,000 SF
Lot Size 1.06 acres (45,987 SF)
Status Available
Lead Broker Information 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

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

100% LEASED TWO-TENANT RETAIL ASSET WITH STRONG CORPORATE LEASES
» New 10-year leases for both tenants with rental increases every five (5) years
» Corporate lease to national retailers
» Aspen Dental practices are the fastest growing network of independently owned dental practices in the country, with approximately 100 new practices opening each year
» The average Sleep Number store generated $2.7 million in sales in 2018, averaging $998 in sales per square foot

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 35,000 vehicles per day directly in front of the property on Western Boulevard
» Immediate access to U.S. Route 17, which experiences a high traffic count of 30,000 vehicles per day
» Located in Jacksonville’s primary retail corridor
» Directly in front of Cross Pointe Centre, a power center which features a strong mix of wellknown tenants, including Marshalls, Old Navy, Michaels, Ashley Furniture, Pet Warehouse, and more
» Across from shopping centers tenanted by major national retailers like Target, Lowe’s, PetSmart, Burlington, Bed Bath & Beyond, Kohl’s, and several others

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Close to several schools, including Northside High School (1,168 students), Jacksonville Commons Middle School (875 students), Jacksonville Commons Elementary School (696 students), and Jacksonville High School (1,378 students)
» Less than two miles from Coastal Carolina Community College, which has 4,030 students and 588 employees
» Two miles from Onslow Memorial Hospital (162 beds and 1,250 employees)
» Minutes from Marine Corps Bases Air Station New River and Camp Lejeune; these military bases are the largest employers in the region and are home to over 150,000 military personnel, military family members, and civilian employees

NEW 2019 CONSTRUCTION
» High-quality construction scheduled to be completed in 2019
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is on Western Boulevard, with excellent visibility and access to 35,000 vehicles per day directly in front of the property. Western Boulevard provides immediate access to U.S. Route 17, which experiences a high traffic count of 30,000 vehicles per day. The property is located in front of Cross Pointe Centre, a power center which features a strong mix of well-known tenants, including Marshalls, Old Navy, Michaels, Ashley Furniture, Pet Warehouse, and more. Located in Jacksonville’s primary retail corridor, the property is directly across from shopping centers tenanted by major national retailers like Target, Lowe’s, PetSmart, Burlington, Bed Bath & Beyond, Kohl’s, and several others. The property is also within walking distance of large retail plazas featuring Walmart Supercenter, Sam’s Club, Best Buy, Dick’s Sporting Goods, Hobby Lobby, and Home Depot. Within minutes of the property is Jacksonville Mall, anchored by Belk, JCPenney, Sears, and AMC Theatres.

The property is centrally located near schools, hospitals, and major employers. Several schools are close to the property, including Northside High School (1,168 students), Jacksonville Commons Middle School (875 students), Jacksonville Commons Elementary School (696 students), and Jacksonville High School (1,378 students). The property is also less than two miles from Coastal Carolina Community College, which has 4,030 students and 588 employees. The 162-bed Onslow Memorial Hospital, approximately two miles from the property, employs 1,250 people. The property benefits from its proximity to Marine Corps Bases Air Station New River and Camp Lejeune; these military bases are the largest employers in the region and are home to over 150,000 military personnel, military family members, and civilian employees, providing a strong customer base for the property. Additionally, the property is located near multiple residential neighborhoods and is in a prime position to benefit from future growth in Jacksonville, one of the nation’s fastest-growing cities.

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