dental center of the carolinas...clinic provides implant procedures, orthodontics and general dental...

Dental Center of the CarolinasSingle Tenant 15-Year Absolute NNN Lease

Offering Memorandum4550 Country Club Rd. Winston-Salem, NC 27104

President & Managing Broker | Illuminate Real Estate695 S. Colorado Blvd. Suite 480 | Denver, CO 80246

E. [email protected]. 720.598.4990

Jordan Kaufman

Associate Broker | Illuminate Real Estate695 S. Colorado Blvd. Suite 480 | Denver, CO 80246

[email protected]. 303.912.5831

Daniel Simon

DISCLAIMER

This Confidential Memorandum has been prepared by Illuminate Real Estate, LLC (“IRE”) and is being furnished to you solely for the purpose of your review of the commercial

property located at 4550 Country Club Rd. Winston-Salem | 27104 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of

evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Illuminate Real

Estate, LLC (“Broker”).

By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in

connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential

Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to IRE as soon as practicable together with all other

materials relating to the Property which you may have received from IRE; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing

agreements will require the prior written consent of IRE.

This Confidential Memorandum has been prepared by IRE, based upon certain information pertaining to the Property and any information obtained from IRE to assist

interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on

an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials,

financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by IRE to prospective investors with

the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem

appropriate in evaluating this offering without reliance upon IRE, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither IRE, the

Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties

as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. IRE, for itself and its affiliates of the Property,

expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or

other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of

documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon

request may be made available. The terms and conditions described herein are subject to change without notice.

This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described

herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior

notice. By accepting this Confidential Memorandum you agree to release IRE and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or

purchase of the Property. IRE reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more

prospective investors at any time.

Exclusively Offered By | Illuminate Real EstateJordan Kaufman | President & Managing Broker695 S. Colorado Blvd. Suit 480 | Denver, CO 80246P: [email protected]

Exclusively Offered By | Illuminate Real EstateDaniel Simon | Associate Broker

695 S. Colorado Blvd. Suite 480 Denver, CO 80246O: 720.598.4990 | M: 303.912.5831

[email protected]

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Investment Highlights

Investment Overview/Rent Schedule

Property and Location Overview

Survey

Trade Map

Regional Map

Tenant Overview

Market Overview

Demographics

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INVESTMENT HIGHLIGHTS

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Relocation from a highly successful practice situated in-line in a shopping center

Clinic provides implant procedures, orthodontics and general dental services

New 15-year absolute NNN lease with 1.5% annual rental increases

Trafficked by over 21,000 vehicles per day

Personal guaranty from Dentist with a long, successful operating history

Single Tenant, Class B, Brick, 2-story, 8,348 sf building

Excellent population density with over 54,934 people within a 3-mile radius

Average HH incomes within a 3-mile radius exceed $90,000

Situated at a signalized intersection with excellent visibility and attractive landscaping

Located just 1-mile north of I-40 & Hwy 421 interchange

ZERO Landlord responsibilities

(2) 5-year renewal options with 1.5% annual rental increases in each

Immediate area tenants within the market include: Wells Fargo Bank, Novant Health, McDonalds,Burger King, Walmart Supercenter, Starbucks, Wendy’s, CarMax, Target, Kohls, Hobby Lobby,Chick-fil-A, Lowe’s and Costco to name a few

INVESTMENT OVERVIEW

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Original Lease Commencement:Current Lease Expiration:

Rent Commencement:Guaranteed Lease Term:

Rental Increases:Renewal Options:

Lease Structure:Landlord Responsibility:

Tenant Responsibility:Lease Guarantor:

Ownership:Construction Type:

Building Size:Land Size:

Parking Spaces:Year Built:

September 3, 2019September 31, 2034October 1, 201915-Years1.5% annually during initial term(2) 5-year renewal options with 5% rental increasesAbsolute NNNNONETaxes, Insurance, CAM, Roof, Structure, Parking Lot, HVAC, Utilities Personal Guaranty from Dr. Andrew W. KellyFee Simple (Land and Building)Brick8,348 square feet0.75 acres241999

Dental Center of the Carolinas | 4550 Country Club Rd. | Winston-Salem | 27104 Rate/Yield Schedule

NOI$145,000*

PRICE$2,320,000

CAP RATE6.25%

$145,000 $147,175 $149,383 $151,623 $153,898 $156,206 $158,549 $160,928 $163,341 $165,792 $168,278 $170,803 $173,365 $175,965 $178,605

NOI Cap Rate Lease Year

6.25%6.34%6.44%6.54%6.63%6.73%6.83%6.94%7.04%7.15%7.25%7.36%7.47%7.58%7.70%

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101112131415

*Current NOI is $100,000 until Oct. 2020, when rent increases to $145,000. Seller will provide rent credit from closing date through Sept. 2020.

PROPERTY OVERVIEW

The subject property consists of single-tenant, 2-story, 8,348 sf situated on .75 acres and leased to Dental Center of the Carolinas on a new 15 year absolute NNN lease. The lease boasts annual rental increases of 1.5% annually providing a strong hedge against inflation. The property is located at the signalized east corner of Country Club Dr. and Old Vineyard Rd. where it sees traffic counts of 21,000 daily. The surrounding area is comprised of dense residential, a plethora of medical users and a host of retail. The property is located just one (1) mile from the 421/I-40 interchange and is just 7 miles from downtown Winston-Salem. Immediate area tenants include: Wells Fargo Bank, Novant Health, McDonalds, Burger King, Walmart Supercenter, Starbucks, Wendy’s, CarMax, Target, Kohls, Hobby Lobby, Chick-fil-A, Lowe’s and Costco to name a few. Demographics indicate a population of 54,934 within a 3-mile radius of the subject property with average HH incomes of $96,070.

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TRADE MAPSURVEY

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TRADE MAPTRADE MAP

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COUNTRY ROAD RD

HANES MALL BLVD

HEALY DR

JON

ESTO

WN

RD

BUSINESS 40

COUNTRY ROAD RD

Dental Centerof the CarolinasDental Center

of the CarolinasTraffic Count: 21,000Traffic Count: 21,000

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REGIONAL MAP

SUBJECT PROPERTY

TENANT OVERVIEW

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Dr. Andrew W. Kelly, DDS

After graduating from Howard University in 1983, Dr. Kelly accepted a position working with one of his former professors and also worked at the University as an Academic Reinforcement Instructor. Dr. Kelly realized that this was not the career path that he wished to follow so he moved back to Los Angeles, California to establish his practice. While waiting to pass the board examination Dr. Kelly worked at Southern California Edison Company as a Medical Analyst. This allowed Dr. Kelly to negotiate health care contracts and it also gave Dr. Kelly the opportunity to conduct health care seminars for the employees of the company.Shortly after becoming Board Certified, Dr. Kelly joined a group practice, which allowed him to gain invaluable experience in the various dental disciplines. Dr. Kelly eventually opened his own practice, which proved to be a great move, and eventually opened a second satellite practice in Playa Del Rey, California, which is one of Southern California’s more affluent neighborhoods. This practice immediately excelled and became the primary practice until he moved to North Carolina. The move to North Carolina was spawned by an offer that would allow him and his family to live in a more peaceful, and intimate environment. It also afforded him the opportunity to move into the type of Dentistry he had long envisioned, Oral Implantology, continuing Family & Cosmetic Dentistry. Due to Dr. Kelly’s love for the science of dentistry, this seemed the ultimate road to travel.Since arriving in North Carolina Dr. Kelly has served as a Deputy Examiner for the North Carolina Sate Board of Dental Examiners. Also Dr. Kelly donates several hours of his time per month to free dental clinics in the Piedmont Triad Area. Dr. Kelly is an active member of the Forsyth County Dental Society, The American Dental Association, The North Carolina Dental Society, The Piedmont Society of Advanced Dental Studies, International Congress of Oral Implantology, Fellowship in the Academy of General Dentistry and an a Fellow of the American Academy of Implant Dentistry and Diplomate of the American Board of Oral Implantology. Dr. Kelly has served as an examiner for the American Board of Oral Implantology and the American Academy of Implant Dentistry. Dr. Kelly is a member of the Omega Psi Phi Fraternity Inc. Dr. Kelly is an avid learner and strives to stay well informed of all new techniques and developments in his beloved profession.

Educational Background:• Undergraduate degree in Medical Microbiology with a minor in Chemistry from California State University at• Long Beach 1979• 1983 Graduate of Howard University College of Dentistry• 1988 Core Vent Implant Institute• 2003 Medical College of Georgia Implant MaxiCoursePublications:• Immediate Implant Placement After extraction: A literature review.• A Novel Approach to Ridge Splitting, Immediate Placement, and Piezosurgery in Severely Compromised Implant Sites.• Product Evaluation for Dentatus USA, ACE Surgical, and A Titan Instruments.Further Education/Courses Training:• 1988 – Graduate of Core Vent Institute in Encino, California• Graduate of the Implant Maxi Course at the Medical College of GeorgiaClinical Educator:Bio Horizons, Camlog USA, Dentsply Implants, Zimmer, Ace Surgical and Sterngold, and Hiossen.

MARKET OVERVIEW

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WINSTON-SALEM, NC

Winston-Salem is a city in and the county seat of Forsyth County, North Carolina, United States. With a 2018 estimated population of 246,328 it is the second largest municipality in the Piedmont Triad region, the fifth most populous city in North Carolina, the third largest urban area in North Carolina, and the eighty-ninth most populous city in the United States. With a metropolitan population of 676,673 it is the fourth largest metropolitan area in North Carolina. Winston-Salem is home to the tallest office building in the region, 100 North Main Street, formerly the Wachovia Building and now known locally as the Wells Fargo Center.Winston-Salem is called the "Twin City" for its dual heritage. "Camel City" is a reference to the city's historic involvement in the tobacco industry related to locally based R. J. Reynolds Tobacco Company's Camel cigarettes. Many locals refer to the city as "Winston" in informal speech. Winston-Salem is also home to many colleges and institutions, most notably Wake Forest University and Winston-Salem State University.In 2012, the city was listed among the ten best places to retire in the United States by CBS MoneyWatch. Winston-Salem has seen a surge in growth and revitalization in the downtown area with hotels, restaurants, and apartments under construction. In 2017, the New York Times and the Wall Street Journal ranked the city second in their lists of the most livable downtowns in America. Winston-Salem tied with Charlotte for the highest growth in small business. WalletHub ranked Winston-Salem the third most affordable large city to start a small business.

1 MILES

3 MILES

5 MILES

DEMOGRAPHICS

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9,328Population Median Age

552Total Businesses

5,909Total Employees

INCOME

BUSINESS

1 miles

$37,197Median Household Income

$60,929Median Net Worth

$29,361Per Capital Income

$60,929Average Household

IncomeAverage

Household Size

34.9

2.01


3,021Total Businesses


INCOME

BUSINESS

3 miles





IncomeAverage

Household Size

41.9

2.18


6,521Total Businesses


INCOME

BUSINESS

5 miles





IncomeAverage

Household Size

39.6

2.23

Jordan KaufmanPresident & Managing Broker | Illuminate Real Estate

Office: 720.598.4990 | Mobile: [email protected]

Daniel SimonAssociate Broker | Illuminate Real Estate

Office: 720.598.4990 | Mobile: [email protected]

695 S. Colorado Blvd., Suite 480Denver, CO 80246

www.illuminaterealestate.com

dental center of the carolinas...clinic provides implant procedures, orthodontics and general dental...

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