lease overview - exp realty advisors dental_ar_searcy... · 3 investment overview aspen dental 3700...

214.915.8890

BOB MOORHEAD

[email protected]

JOE CAPUTO

[email protected]

RUSSELL SMITH

[email protected]

Property: 3,500+ SF building on 0.59+ acre site.

Tenant: Aspen Dental: approximately 3.4 million dental patients at more than 500 office locations in 30 states.

Lease structure: 10-year, corporate, net lease, with 3, 5-year options to renew. 10% rent increase during primary term and options.

Location: Aspen dental is located off of East Race Street (11,000 Cars / Day) just east of U.S. Highway 67 (24,000 Cars / Day). U.S. Highway 67 is a 279-mile

portion of U.S. Route 67. The route passes through several cities and towns, including Hope, Benton, Little Rock, Beebe, Walnut Ridge, and Pocahontas; serving

as a primary commercial corridor for the region. East Race Street is the main east-west thoroughfare in Searcy, providing easy access to all major commercial and

residential areas. This accessibility has brought extensive retail and business development to the immediate trade area. Notable national credit tenants

surrounding the subject property include Walmart Supercenter, Lowes, Tractor Supply Co., Big Lots!, Hastings, Payless, CATO, JCP, Staples, GameStop, Chili’s,

McAlister’s, Chick-fil-a, and countless others. Searcy is 50-miles northeast of Little Rock, AR.

EXCLUSIVE OFFERING | 1,685,000 – 6.75% CAP

Aspen Dental

3700 East Race AVE, Searcy, AR

SUBJECT PROPERTY

EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the

property located at 3700 East Race Street, Searcy, AR by the owner of the Property

(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller

and Agent make no representations or warranties as to the accuracy of the information

contained in this Offering Memorandum. The enclosed materials include highly confidential

information and are being furnished solely for the purpose of review by prospective

purchasers of the interest described herein. The enclosed materials are being provided

solely to facilitate the prospective investor’s own due diligence for which it shall be fully and

solely responsible. The material contained herein is based on information and sources

deemed to be reliable, but no representation or warranty, express or implied, is being made

by Agent or Seller or any of their respective representatives, affiliates, officers, employees,

shareholders, partners and directors, as to the accuracy or completeness of the information

contained herein. Summaries contained herein of any legal or other documents are not

intended to be comprehensive statements of the terms of such documents, but rather only

outlines of some of the principal provisions contained therein. Neither the Agent nor the

Seller shall have any liability whatsoever for the accuracy or completeness of the

information contained herein or any other written or oral communication or information

transmitted or made available or any action taken or decision made by the recipient with

respect to the Property. Interested parties are to make their own investigations, projections

and conclusions without reliance upon the material contained herein. Seller reserves the

right, at its sole and absolute discretion, to withdraw the Property from being marketed for

sale at any time and for any reason. Seller and Agent each expressly reserves the right, at

their sole and absolute discretion, to reject any and all expressions of interest or offers

regarding the Property and/or to terminate discussions with any entity at any time, with or

without notice. This offering is made subject to omissions, correction of errors, change of

price or other terms, prior sale or withdrawal from the market without notice. Agent is not

authorized to make any representations or agreements on behalf of Seller. Seller shall

have no legal commitment or obligation to any interested party reviewing the enclosed

materials, performing additional investigation and/or making an offer to purchase the

Property unless and until a binding written agreement for the purchase of the Property has

been fully executed, delivered, and approved by Seller and any conditions to Seller’s

obligations hereunder have been satisfied or waived. By taking possession of and

reviewing the information contained herein, the recipient agrees that (a) the enclosed

materials and their contents are of a highly confidential nature and will be held and treated

in the strictest confidence and shall be returned to Agent or Seller promptly upon request;

and (b) the recipient shall not contact employees or tenants of the Property directly or

indirectly regarding any aspect of the enclosed materials or the Property without the prior

written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be

copied or otherwise reproduced without the prior written authorization of Seller and Agent.

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW

PAGE 1: COVER

PAGE 2: TABLE OF CONTENTS | DISCLAIMER

PAGE 10: DEMOGRAPHICS

Table of contents | Disclaimer Aspen Dental

3700 East Race Street, Searcy, AR

PAGE 6: AERIAL PHOTO

PAGE 7: LOCATION OVERVIEW

PAGE 8-9: LOCATION MAPS

Disclaimer

2

PAGE 5: SITE PLAN

Listed in association with ARKANSAS broker of record: Flake & kelley commercial

SUBJECT PROPERTY

PAGE 4: TENANT | OVERVIEW CONT.

http://www.bsro.jobs/about_bsro

3

Investment overview ASPEN DENTAL


PRICE: $1,685,000

CAP RATE: 6.75%

NET OPERATING INCOME: $113,750

BUILDING AREA: 3,500+ Square Feet

LAND AREA: 0.59+ Acres

YEAR BUILT: 2015

LANDLORD RESPONSIBILITY: Roof & Structure

OWNERSHIP: Fee Simple Interest

OCCUPANCY: 100%

Projected Lease Expiration: April 2025

Projected Rent Commencement: April 2015

Initial Lease Term: 10-year term with 3, 5-year options to extend

Rent Increases: 10% every 5-years through term and options

Year 1-5 Annual Rent (Current): $113,750

Lease Type: Net Lease

Year 6-10 Annual Rent: $125,124

Year 11-15 Annual Rent (Option 1): $137,655


Lease overview


Aspen Dental | www.aspendental.com

Aspen Dental, is one of the largest and fastest-growing providers of denture and dental care services in the U.S., and is committed to providing patients with

affordable, high quality care. Aspen Dental’s history started in Syracuse, New York, at a dental lab called Upstate Dental, which began operations in 1964. As of

2015, Aspen Dental serves approximately 3.4 million dental patients at more than 500 office locations in 30 states. Through 2015, Aspen Dental is scheduled to

open 55 new offices each year throughout various locations in the United States.

Aspen Dental practices follow a patient-driven retail model that feature visible locations in highly trafficked retail centers, affordable and comprehensive dental

care, and convenient payment options. Aspen Dental Management Inc., Aspen Dental’s integrated business support service, provides a broad range of non-

clinical services, including human resources, and accounting. This allows dentists to spend more time caring for their patients and less time on the administrative

and financial aspects of running a successful dental practice.

Each office has certified oral hygienists, dentists and oral surgeons for general dental care. Aspen Dental will provide patients with a full range of denture and

dental services, including hygiene, oral surgery, fillings, whitening and crown and bridge work. Aspen Dental is the only authorized provider of 8 styles of full and

partial hand-crafted ComfiDents® brand dentures.

With more than 500 locations in 30 states, Aspen Dental practices are nationally accredited by the Better Business Bureau (BBB). In 2014, Aspen Dental-branded

practices recorded nearly 3.4 million patient visits and welcomed more than 750,000 new patients.

Aspen Dental seeks A+ locations in major retail areas and looks for prime retail visibility, including maximum storefront and pylon signage opportunities, strong

traffic counts, great access, and ample, convenient parking. The dental profession is not affected by the same economic challenges many other retailers face.

More than 10 years experience building successful dental practices with 100% success rate. They have never closed a location. (Source:

www.aspendental.com)

4

TENANT OVERVIEW CONTINUED ASPEN DENTAL


5

SITE PLAN ASPEN DENTAL


6

Aerial photo Aspen Dental


IMMEDIATE TRADE AREA

Aspen dental is located off of East Race Street (11,000 Cars / Day) just east of

U.S. Highway 67 (24,000 Cars / Day). U.S. Highway 67 is a 279-mile portion of

U.S. Route 67. The route passes through several cities and towns, including

Hope, Benton, Little Rock, Beebe, Walnut Ridge, and Pocahontas; serving as a

primary commercial corridor for the region. East Race Street is the main east-

west thoroughfare in Searcy, providing easy access to all major commercial

and residential areas.

This accessibility has brought extensive retail and business development to the

immediate trade area. Notable national credit tenants surrounding the subject

property include Walmart Supercenter, Lowes, Tractor Supply Co., Big Lots!,

Hastings, Payless, CATO, JCP, Staples, GameStop, Chili’s, McAlister’s, Chick-

fil-a, and countless others.

SEARCY, AR

Searcy is the largest city and county seat of White County, Arkansas.

According to 2010 Census Bureau estimates, the city has a population of

22,858. It is the principal city of the Searcy, AR Metropolitan Statistical Area

which encompasses all of White County. Searcy is the home of Harding

University, a private, residential Christian university with more than 6,900

students, making it the largest private university in Arkansas. Located in the

Ozarks, Searcy is surrounded by rivers, lakes, mountains and forests, which

allows for a host of recreational and outdoor activities. In town, Searcy has

state of the art healthcare facilities and a diverse industrial and commercial

sector. One of the state's largest banks, First Security Bank, was established in

Searcy in 1932 as Security Bank. First Security now has over $3.2 billion in

assets and 70 locations in Arkansas. The city’s top employers are White

County Medical Center (1,465 people), Wal-Mart Distribution Center (1,050),

Harding University (795), and Wal-Mart Super-Center (550). Manufacturing and

distribution comprise approximately 10% of the employment in the area.

National chains located in Searcy include Chili’s, McAlister’s, JCPenney’s,

Lowes and Staples. The Searcy area also boasts boutiques, local restaurants,

and specialty stores. Due to a stable economic base and healthy population

growth, commercial businesses in Searcy continue to flourish.

7

Location overview Aspen Dental


CENTRAL ARKANSAS

Other significant central Arkansas cities that have close economic ties to

Searcy include Little Rock, Conway, and Pine Bluff. Little Rock is the capital

and the largest city in Arkansas. The city has a population of 193,524 people,

while the Metropolitan Statistical Area (MSA) has a population of 709,901. The

MSA is in turn included in the Little Rock–North Little Rock–Pine Bluff,

Arkansas Combined Statistical Area, which has a population of 886,992. Little

Rock is the county seat of Pulaski County.

Major corporations headquartered in Little Rock include Dillard's Department

Stores, Windstream Communications and Acxiom. Additional large companies

headquartered in Little Rock include Metropolitan National Bank, Bank of the

Ozarks, Rose Law Firm, Nuvell Financial Services, Central Flying Service and

nationally-recognized brokerage Stephens Inc., notable as the lead investment

banker on the Walmart IPO. Large companies headquartered in other cities

but with a large presence in Little Rock include Raytheon Aircraft Company,

and Fidelity National Information Services. Little Rock was named 22nd out of

361 metropolitan areas as best places for business in 2005 by Forbes

magazine. Moody's Investor Services ranks Little Rock as the 2nd most diverse

economy in the nation.

Conway is located north of Little Rock and currently has a population of 60,470

making it the 7th most populous city in Arkansas. It is a principal city of the

Little Rock–North Little Rock–Conway MSA. Acxiom Corporation, a global

interactive marketing services company that uses consumer data, analytics,

information technology, data integration, and consulting was founded in 1969 in

Conway and still maintains a large presence there with its headquarters in Little

Rock. On June 19, 2008, Hewlett-Packard announced it would be opening a

150,000 SF facility with 1,200 employees in 2009.

Pine Bluff is located south of Little Rock and has a population of 49,339.

Agriculture is an economic mainstay in Pine Bluff due to its location in the heart

of a rich agricultural area in the Arkansas River Basin. The leading products

include cotton, soybeans, cattle, rice, poultry, timber and catfish. Principal

industries in the area are engaged in processing cotton; production of

cottonseed oil, paper and wood products; the manufacture of wire products;

poultry processing; the manufacture of electric transformers; and metal

fabrication. Major area employers include Jefferson Regional Medical Center,

Simmons First National Corp., Tyson Foods, Evergreen Packaging, the Pine

Bluff Arsenal and the Union Pacific Railroad.

8

Location map Aspen Dental


9

Location map Aspen Dental


10

Demographics Aspen Dental


2014 Estimated Population 1,500 12,386 25,376

2019 Projected Population 1,545 12,704 26,068

2010 Census Population 1,479 12,185 24,981

2000 Census Population 1,293 10,824 22,520

Projected Annual Growth 2014 to 2019 0.6% 0.5% 0.5%

Historical Annual Growth 2000 to 2014 1.1% 1.0% 0.9%

2014 Estimated Households 661 4,602 9,605

2019 Projected Households 696 4,847 10,118

2010 Census Households 637 4,432 9,250

2000 Census Households 531 3,841 8,083

Projected Annual Growth 2014 to 2019 1.1% 1.1% 1.1%

Historical Annual Growth 2000 to 2014 1.7% 1.4% 1.3%

2014 Est. Population Under 10 Years 9.8% 10.1% 11.9%

2014 Est. Population 10 to 19 Years 11.6% 15.6% 14.8%





2014 Est. Population 75 Years or Over 15.4% 9.3% 7.8%

2014 Est. Median Age 44.8 34.1 33.7

2014 Est. Male Population 46.1% 47.6% 48.2%

2014 Est. Female Population 53.9% 52.4% 51.8%

2014 Est. Never Married 24.4% 35.5% 33.6%

2014 Est. Now Married 46.9% 39.8% 42.1%

2014 Est. Separated or Divorced 19.0% 17.6% 17.2%

2014 Est. Widowed 9.6% 7.1% 7.2%

2014 Est. HH Income $200,000 or More 2.3% 1.5% 1.4%

2014 Est. HH Income $150,000 to $199,999 2.3% 1.3% 1.2%

2014 Est. HH Income $100,000 to $149,999 7.4% 5.3% 6.4%

2014 Est. HH Income $75,000 to $99,999 10.7% 9.0% 10.4%

2014 Est. HH Income $50,000 to $74,999 13.9% 15.1% 16.6%

2014 Est. HH Income $35,000 to $49,999 17.3% 18.0% 16.4%

2014 Est. HH Income $25,000 to $34,999 12.0% 15.1% 14.5%

2014 Est. HH Income $15,000 to $24,999 15.3% 15.3% 15.2%

2014 Est. HH Income Under $15,000 18.9% 19.2% 17.9%

2014 Est. Average Household Income $51,714 $45,281 $47,799

2014 Est. Median Household Income $38,922 $36,097 $38,912

2014 Est. Per Capita Income $23,079 $17,446 $18,551

2014 Est. Total Businesses 166 1,019 1,663

2014 Est. Total Employees 2,852 15,067 20,912

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3700 East Race Street1 mi radius 3 mi radius 5 mi radius

Searcy, AR 72143

2014 Est. Labor Population Age 16 Years or Over 1,179 8,253 17,581

2014 Est. Civilian Employed 48.9% 48.5% 51.3%

2014 Est. Civilian Unemployed 4.8% 4.8% 4.5%

2014 Est. in Armed Forces 0.4% 0.4% 0.3%

2014 Est. not in Labor Force 45.9% 46.2% 43.9%

2014 Labor Force Males 46.4% 47.7% 48.3%

2014 Labor Force Females 53.6% 52.3% 51.7%

2010 Occupation: Population Age 16 Years or Over 587 4,958 10,390

2010 Mgmt, Business, & Financial Operations 12.9% 11.0% 10.0%

2010 Professional, Related 23.8% 18.1% 19.1%

2010 Service 14.9% 21.8% 22.2%

2010 Sales, Office 20.2% 25.3% 24.8%

2010 Farming, Fishing, Forestry 1.2% 0.8% 0.7%

2010 Construction, Extraction, Maintenance 7.0% 7.7% 7.9%

2010 Production, Transport, Material Moving 20.0% 15.2% 15.3%

2010 White Collar Workers 56.9% 54.4% 53.8%

2010 Blue Collar Workers 43.1% 45.6% 46.2%

2010 Drive to Work Alone 80.9% 77.6% 77.3%

2010 Drive to Work in Carpool 10.0% 10.7% 11.6%

2010 Travel to Work by Public Transportation 0.4% 0.2% 1.0%

2010 Drive to Work on Motorcycle - - 0.1%

2010 Walk or Bicycle to Work 5.4% 7.1% 5.7%

2010 Other Means 0.4% 0.3% 0.4%

2010 Work at Home 3.0% 4.0% 4.0%

2010 Travel to Work in 14 Minutes or Less 70.5% 67.4% 63.0%

2010 Travel to Work in 15 to 29 Minutes 15.2% 17.3% 22.4%

2010 Travel to Work in 30 to 59 Minutes 10.6% 10.9% 9.4%

2010 Travel to Work in 60 Minutes or More 3.8% 4.4% 5.2%

2010 Average Travel Time to Work 9.1 9.9 11.2

2014 Est. Total Household Expenditure $29.5 M $188 M $407 M

2014 Est. Apparel $1.41 M $8.99 M $19.4 M

2014 Est. Contributions, Gifts $1.82 M $11.2 M $24.1 M

2014 Est. Education, Reading $771 K $4.79 M $10.3 M

2014 Est. Entertainment $1.62 M $10.3 M $22.4 M

2014 Est. Food, Beverages, Tobacco $4.82 M $31.1 M $66.9 M

2014 Est. Furnishings, Equipment $1.25 M $7.85 M $17.1 M

2014 Est. Health Care, Insurance $2.19 M $14.1 M $30.2 M

2014 Est. Household Operations, Shelter, Utilities $8.85 M $56.3 M $121 M

2014 Est. Miscellaneous Expenses $505 K $3.25 M $6.98 M

2014 Est. Personal Care $431 K $2.76 M $5.95 M

2014 Est. Transportation $5.88 M $37.8 M $82.0 M

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Searcy, AR 72143

lease overview - exp realty advisors dental_ar_searcy... · 3 investment overview aspen dental 3700...

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