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| Bill Asher |
ARNOLD, MO-- Hanley Investment Group Real Estate Advisors, a
nationally-recognized real estate brokerage and advisory firm specializing in
retail property sales, announced the firm has completed the sale of a
newly-constructed single-tenant Aspen Dental in Jefferson
County, Missouri, at the intersection of Big Bill Road and Highway 141 in the
city of Arnold.
The purchase price was $2,424,000, representing a 6.50 cap
rate, the lowest cap rate ever for an Aspen Dental in the Midwest, according to
CoStar. Hanley Investment Group Associate Jeff Lefko and Executive Vice
President Bill Asher represented the seller, DLJ Properties, LLC in Arnold,
Missouri.
The buyer, a private investor based in Chicago, Illinois,
was represented by Robert Gamzeh of Triple Net Investment Group in Falls
Church, Virginia.
The new 3,500-square-foot building occupied by Aspen Dental,
which was completed earlier this year, is situated on 0.39 acres at 1200 Big
Bill Road in Arnold, less than 20 miles south of St. Louis.
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| Jeff Lefko |
The building fronts Missouri Route 141 and is located at the
exit/entrance to Interstate 55 (110,000 cars per day), which leads to Downtown
St. Louis. There are more than 34,000 cars per day along Missouri Route 141.
According to Asher, “Aspen Dental has a corporate-backed
10-year lease with rent increases each option period.”
Asher adds that the property has exceptional highway
visibility with the 80-foot billboard sign that is visible from one mile away
along Interstate 55 as well as pylon signage along Missouri Route 141.
“We procured nine offers within the first month of marketing
the property,” Lefko noted. “The buyer’s deposit was non-contingent before the
tenant was open for business. We closed escrow in 45 days at list price.”
Lefko adds, “Arnold is an affluent suburb of St. Louis and
the largest city in Jefferson County. There are over 142,000 people with an
average household income in excess of $87,000 residing within a five-mile
radius of the property.”
The property is located within the major retail hub of
Arnold. Retailers that are situated within a five-block radius include ALDI,
Chick-fil-A, CVS/pharmacy, Hobby Lobby, Kohl’s, McDonald's, Panda Express,
Petco, Raising Cane’s, Starbucks and Walmart Supercenter.
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| Aspen Dental, Arnold, MO |
“From the day that we purchased the property, we knew that
it was a special site that needed to be upgraded with a user like Aspen Dental.
We worked closely with the city, Aspen Dental, and our
construction team to create a high-performance retail location and solid
investment opportunity for the buyer. We are excited to have Aspen Dental in
our community and it is a site our family can be proud of.”
“Today’s investors are looking for single-tenant net-lease
investments with great fundamentals and tenants that are less likely to be
impacted by online shopping,” said Asher. “A well-recognized single-tenant
dental practice is the type of ‘internet-resistant’ investment that investors
are looking for.”
Each office has certified oral hygienists, dentists and oral
surgeons for general dental care who provide patients with a full range of
denture and dental services, including hygiene, oral surgery, fillings,
whitening and crown and bridge work.
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