Heartland Dental & Dunkin’s Diamonds

Lancaster, Ohio (Columbus MSA)

Heartland Dental & Dunkin’s Diamonds

2015 Schorrway Dr NW Lancaster, OH 43130

Offering Summary

  • Status: accepted offer
  • Price: $3,400,000
  • CAP Rate: 7.76%
  • GLA: 9,000 SF
  • Net Operating Income: $287,991
  • Price/SF: $378
  • Year(s) Built: 1994
  • Lot Size (Acres): 1.09
  • Lease Type: All NNN
  • Major Tenants: Dunkin's Diamonds, Heartland Dental
  • 100% Occupied Heartland Dental Anchored Strip Center | Lancaster, Ohio (Part of Columbus-MSA)
  • Dual Anchored Strip with Only 2 Tenants | Heartland Dental & Dunkin’s Diamonds | Ease of Management & Passive Investment Opportunity
  • High-End Construction | 9,000 Square-Feet | Built in 1994 as a Pier-1 Build-to-Suit | Heavily Redeveloped in 2022 | Situated on 1.09 Acres with Superior Frontage
  • Relocation Stores for Both Tenants | Upgraded Inner-Market Locations to Amplify Pre-Existing & Successful Locations | Recent Grand-Openings
  • Corporate Backed & Signed Lease by Heartland Dental | Over 1,700 Locations Across Country | Employs Over 2,800 Dentists | Arguably the Top National Dental Brand in County
  • Heartland Dental | Signed Long-Term 10-Year Lease | DBA Fairfield Family Dental | Relocation Site with Pre-Existing Clientele
  • Heartland Dental is Paying Well-Below Market Rent Relative to Average Heartland Location | Currently Paying Only $27.69/SF | +46% Lower than the Average Heartland Site & 80% Lower than the Average New-Build Site ( See Page 12 )
  • Dunkin’ Diamond’s | Catalyst for Redevelopment | Long-Term 10-Year Lease | 57% of GLA and 59% of Base Rent
  • Dunkin’s Diamonds | Corporate Guarantee from Long-Standing Family Owned Jewelry Boutique | 9 Locations Spanning Ohio and Florida | Grown to Become one of the Most Prominent Fine Jewelry Brands in the Region | Relocation Site with Pre-Existing Clientele
  • Favorable NNN Lease Structures | Recapture of Tax, CAM, Insurance Expenses as Well as 3rd Party Management Fees | Very Limited Landlord Responsibilities
  • Hedge Against Inflation with Significant Rent Bumps Every 5-Years From Both Tenants
  • True Irreplaceable Real Estate Along Memorial Rd | Lancaster’s Busiest Throughway Seeing Over 29,142 Vehicles Per Day | Situated at Hard-Corner/Signalized Intersection | Amplified Visibility
  • Located in Main Retail Corridor | Major Tenants Nearby Include: Target, Kroger, TJ Maxx, Five Below, Dollar Tree, Ulta, Dick’s Sporting Goods, Best Buy, Big Sandy Superstore, Lowe’s, Walmart, Menards, Giant Eagle, Meijer, an abundance of Small Shops/Restaurants which includes Raising Cane’s, Olive Garden, Applebee’s, Taco Bell, Ihop, Starbucks, McDonald’s, Sherwin Williams, AT&T, T-Mobile, Panera, and Many More
  • Dense & Mature Demographics | Population Counts of 7,951 within 1-Mile, 39,303 within 3-Miles, and 51,684 within 5-Miles
  • Part of the Columbus-MSA | Ranked the 32nd Largest MSA in the United States with a Population Count of Over 2.18m | Lancaster is the County Seat of Fairfield County | Located 20-miles East of Columbus
EXCLUSIVELY LISTED BY:

Zach Turner

Senior Associate