offering memorandum 229 carl vinson pkwy | warner … · this offering memorandum contains select...
TRANSCRIPT
1 |
O F F E R I N G M E M O R A N D U M
229 CARL VINSON PKWY | WARNER ROBINS, GA™
2
LISTED BY:
™
MICHAEL MORENOAssociate Vice President & DirectorD: (949) 432-4511 M: (818) 522-4497E: [email protected] No. 01982943 (CA)
CONTENTS
04 EXECUTIVE OVERVIEW
06 FINANCIAL OVERVIEW
08 TENANT OVERVIEW
10 AREA OVERVIEW
BROKER OF RECORDKYLE MATTHEWSLicense No. 67120 (GA)
RAHUL CHHAJEDSenior AssociateD: (949) 432-4513 M: (818) 434-1106E: [email protected] No. 01986299 (CA)
THOR ST JOHNAssociateD: (310) 955-1774 M: (510) 684-0574E: [email protected] No. 02051284 (CA)
3
EXECUTIVEOVERVIEW
SECTION
0 1
4
LIST PRICE
$1,152,075
YEAR 1 NOI
$92,166
PROPERTY ADDRESS
229 CARL VINSON PKWYWARNER ROBINS, GA
CAP RATE
8.00%± 7,308 SF
GROSS LEASABLE AREA
PROPERTY & LOCATION• Tenant Investment in Location—Dental support organizations rarely relocate
due to high build-out costs of and difficulty in retaining the same patients after moving
• 2018 Practice acquisition—NADG acquired this practice in 2018, demonstrating their long-term commitment to the location
• Priced Below Replacement Cost—At just $157 per square foot, the property is being offered well below replacement cost. The rent per foot is only $12.61
• High Growth Market—The population grew by 11.25% over the past 10 years, and is projected to jump nearly 5% more by 2024
• 2% annual rent increases, providing investors a hedge against inflation
TENANT HIGHLIGHTS• Top National Operator–North American Dental Group has over 200 locations
and is one of the largest dental support organizations in the country
• The sale of North American Dental Group to Jacobs Holding gives them the backing of a company with a transatlantic dental portfolio—including more than 450 practices and $900 million in annual revenues
• $137 Billion Industry—Dentistry is one of the largest industries in medicine and
grows by an average of 2.4% annually
LEASE TERM REMAINING
± 3.5 YEARS
5
S . H O U S T O N L A K E R D± 2 7, 4 0 0 V P D
R U S S E L L P K W Y± 3 4 , 0 0 0 V P D
W A T S O N B LV D± 3 1 , 0 0 0 V P D
C A R L V I N S O N P K W Y± 1 1 , 8 0 0 V P D
SANDPIPER APARTMENTS
L E G E N D
L I V I N G
S H O P P I N GC E N T E R
E D U C A T I O N
6
FINANCIALOVERVIEW
SECTION
0 2
7
PROPERTY SUMMARY
Tenant Name North American Dental Group
Type of Ownership Fee Simple
Lease Type NN
Guarantor Corporate
(Roof/Structure/Insurance) Landlord Responsible
Original Lease Term 5 Years
Lease Commencement Date 8/31/18
Lease Expiration Date 8/31/23
Term Remaining ± 3.5 Years
Increases 2% Annually
Options Two (2) Five (5) Year Options
*Insurance expense of $2,688 has been taken out of NOI
LEASE SUMMARY
Tenant Trade Name North American Dental Group
Lot Size 0.82 Acres (35,719 SF)
GLA ± 7,308 SF
Type of Ownership Fee Simple
Landscaping Professional
Topography Generally Level
ANNUALIZED OPERATING DATA
MONTHLY RENT ANNUAL RENT CAP RATE
Current $7,681 $92,166 8.00%
8/31/20 $7,834 $94,009 8.16%
8/31/21 $7,991 $95,890 8.32%
8/31/22 $8,151 $97,807 8.49%
8/31/23 $8,314 $99,763 8.66%
8
TENANTOVERVIEW
SECTION
0 3
9
NUMBER OF LOCATIONS200+
YEAR FOUNDED2007
“ TRANSFORMING THE DENTAL EXPERIENCE O NE PERSO N AT A TI ME”
North American Dental group NADG, headquartered in Pittsburgh, Pennsylvania, is the fastest growing dental services organization of scale in the United States and today consists of a network of over 200 dental practices in 11 states and 23 regional markets.
The practices are supported by three resource centers and an educational platform that enables dentists to provide patients with a full range of high-quality and multi-disciplinary dental services. The group, operating under regional and local brands with high patient retention, is distinguished for its unique equity partnership with its providers and elevated attention to patient care.
WEBSITEWWW.NADENTALGROUP.COM
HEADQUARTERSPITTSBURGH, PA
10
AREAOVERVIEW
SECTION
0 4
11
DEMOGRAPHICS
W A R N E R R O B I N SLocated in the heart of Georgia, Warner Robins is known as the “International City.” Bordered by the Robins Air Force Base to the west, Warner Robins is a military-friendly city. The city is best known as the home of Robins Air Force Base, the Museum of Aviation which is the second-largest base in the country
Warner Robins houses a campus of Middle Georgia State University. Middle Georgia State University is a public university and is part of the University System of Georgia and offers master’s, bachelor’s and associate degrees. The campus takes up about 72 acres. Two acres are currently devoted to building space, which means plenty of room for expected future expansion in what is one of Georgia’s fastest-growing counties.
Population 1 Mile 3 Mile 5 Mile
2025 Projection 8,448 69,158 125,187
2020 Estimate 8,114 65,648 118,738
Growth: 2020 - 2025 4.12% 5.35% 5.43%
Households 1 Mile 3 Mile 5 Mile
2025 Projection 3,608 27,305 48,144
2020 Estimate 3,439 25,915 45,605
Growth: 2020 - 2025 4.91% 5.36% 5.57%
Income 1 Mile 3 Mile 5 Mile
Average Household Income $74,755 $80,202 $79,679
DEMOGRAPHICS
12
A T L A N T A M S AAtlanta is the capital of and the most populous city in the U.S. state of Georgia, the cultural and economic center of the Atlanta metropolitan area, and the ninth-largest metropolitan area in the United States.
Atlanta is an “alpha-” or “world city”, exerting a significant impact upon commerce, finance, research, technology, education, media, art, and entertainment. It ranks 36th among world cities and 8th in the nation with a gross domestic product of $270 billion. Atlanta’s economy is considered diverse, with dominant sectors including logistics, professional and business services, media operations, and information technology.
Encompassing $304 billion, the Atlanta metropolitan area is the eighth-largest economy in the country and 17th-largest in the world. Corporate operations comprise a large portion of
Atlanta’s economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country’s third-largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, Chick-fil-A, UPS, and Newell-Rubbermaid.
Atlanta is home to professional franchises for three major team sports: the Atlanta Braves of Major League Baseball, the Atlanta Hawks of the National Basketball Association, and the Atlanta Falcons of the National Football League. Due to the more than 30 colleges and universities located in the city, Atlanta is considered a center for higher education.
13 |
This Offering Memorandum contains select information pertaining to the business and affairs of North American Dental Group located at 229 Carl Vinson Pkwy, Warner Robins, GA (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion
or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
CONFIDENTIALITY AGREEMENT & DISCLAIMER
14 ™
LISTED BY:
MICHAEL MORENOAssociate Vice President & Director
D: (949) 432-4511 M: (818) 522-4497
E: [email protected] No. 01911222 (CA)
THOR ST JOHNAssociate
D: (310) 955-1774 M: (510) 684-0574
E: [email protected] No. 02051284 (CA)
229 CARL VINSON PKWY | WARNER ROBINS, GA
RAHUL CHHAJEDSenior AssociateD: (949) 432-4513 M: (818) 434-1106
E: [email protected] No. 01986299 (CA)
BROKER OF RECORDKYLE MATTHEWS
License No. 67120 (GA)