Heartland Income Properties Closes on Scooter's Ground Lease

SCOTTSDALE, Ariz. - June 27, 2019 - PRLog -- Heartland Income Properties, LLC, a growing real estate investment company focusing on undervalued single-tenant, triple-net commercial properties primarily in the Midwest region of the United States, is pleased to announce that it has closed on the acquisition of a property currently under lease to Scooter's Coffee Shops as tenant.  The property is in Clear Lake, Iowa.  Under the triple-net model, the tenant is responsible for all costs related to operations including taxes, insurance, and maintenance.

Scooter's is a chain of approximately 200 drive-through coffee shop locations. The company expects to expand to about 1,000 locations due to a recent investment fund financing.  The lease with Heartland is guaranteed by corporate Scooter's.

In announcing the acquisition, Heartland Executive Chairman Tim Kopatich said that the lease has more than eight years remaining and contains options for renewal at higher lease rates.  Mr. Kopatich also noted that Heartland was able to obtain financing at very favorable terms from Bank Iowa.  In addition, he said that the Bank has indicated a strong willingness to participate as lender in future Heartland acquisitions.

Clear Lake is a growing community in North Central Iowa.

Heartland is currently evaluating several other properties for potential acquisition in the Midwest and expects to pay its first dividend to investors in September 2019.