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Follow on Google News | Hanley Investment Group Completes Sale of Newly-Constructed Single-Tenant Aspen DentalHanley 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- 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. "The site is situated on .39 acres and is unique in that the pylon sign can be seen from miles away; it is the first thing seen when leaving St. Louis County and entering Jefferson County," said Chris Ford with DLJ Properties, the developer of the property. "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." Aspen Dental is one of the top five largest private dental providers in the country with more than 600 offices in 36 states across the U.S. Aspen Dental provides affordable, high-quality, convenient, denture and dental care services. 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. About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestmentgroup.com End
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