ATLANTA—It wasn’t a big deal, but it represented a significant trend. Franklin Street just brokered the sale of yet another net leased free-standing building.
Aspen Dental, a 3,200-square-foot free-standing building, sold for $1.48 million. The sale price represents $440 per square foot.
Franklin Street’s Mac McCall represented the seller, a local developer. The buyer, a 1031 exchange California buyer, represented themselves.
“Demand for free-standing retail continues to rise, especially with high-quality tenants like Aspen Dental,” says McCall. Non-retail tenants have increased their activity within the last 14 months, he explains, specifically office and medical operators.
The Aspen Dental building sale included a 10-year double-net lease with 10% rent increases every five years. It also included a corporate guarantee from Aspen Dental as well as shared area access with Wells Fargo.
“Tenants like Aspen Dental are finding that by positioning themselves outside of medical complexes, they are garnering increased exposure to their consumers,” says McCall. He expects to see medical and office tenants to continue branching out into space that was once only filled with retailers.
The net lease property is located in Rockdale County 20 miles east of Atlanta at 1450 Highway 138 in Coyers, GA. Aspen Dental is a complete dental care solutions corporation operating 375 locations in 25 states across the country. Download PDF