Aspen Dental 2-Tenant

3133-3135 Hwy 278, Covington, GA

$3,732,000

Price

6.35%

Cap Rate

6,000 sqft

Building Size

Overview
Cap Rate
6.35%
Building Size
6,000 sqft
Lot Area
0.63 sqft
Occupancy
100%
Year Built
2019
Tenancy
Multiple
Description

Located just outside of Atlanta, Georgia, this offering is a two-tenant retail building net-leased to Aspen Dental and MyEyelab. The property benefits from a prominent location on Highway 278 and sits directly across from Newton Plaza, a 270,000-square-foot regional power center anchored by Kroger, Big Lots, Beall’s Outlet, and Planet Fitness. This site was specifically chosen by the two tenants due to its proximity to Piedmont Newton Hospital less than one mile away. The hospital has made numerous upgrades to its ER and offers over 100 beds and 280+ doctors that call Piedmont Newton home. Aspen Dental has signed a new 10-year corporate lease with 10% rent increases every 5 years. MyEyelab has also executed a new 10-year lease (backed by a corporate guaranty) with 10% rent increases every 5 years. Aspen Dental is the second largest dental group in the nation with 760+ locations, while MyEyelab is an established national optical chain with 100+ locations in 25 states

Highlights
  • Aspen Dental: 10-Year Corporate Lease with 10% Increases Every 5 Years
  • Aspen Dental: 760 Locations; Very Strong Company Financials
  • MyEyelab: 10-Year Lease with 10% Increases Every 5 Years
  • MyEyelab: 100+ Locations, Corporate Guaranty
  • Adjacent to Newton Plaza (270,000 SF Power Center)
Documents
Title
CovingtonGA_Covington_Landing-Investment_Offering.pdf
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Location
Gallery