Aspen Dental
3221 S Mooney Blvd, Visalia CA
Price: $2,250,000
Status: Sold
Cap Rate: Contact Broker
Year Built: 1979 / Renovated 2019
NOI: $139,698
Lot Size: 29500.00 sqft
Price Per Foot:
Lease Type: NNN
Remaining Term: 9+ Years
GLA: 29500 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale, the NNN leased Aspen Dental condominium located in Visalia, CA (the “Property”). Built in 1979 and renovated in 2019, the Property consists of a 3,582-square-foot retail condo within a 10,200-square-foot building situated on a 29,500-square-foot parcel.
investment highlights
- ASPEN DENTAL: LARGEST BRANDED NETWORK OF DENTAL PRACTICES IN THE U.S. • 750 OFFICES IN 39 STATES
- The building is leased by Aspen Dental (www.aspendental.com), the largest branded network of dental practices in the U.S. Each Aspen Dental branded practice is owned and operated by a licensed dentist. With nearly 750 offices in 39 states, Aspen Dental practices provide a wide range of general dentistry and denture-related services and offer patient-friendly programs and services, including convenient locations, onsite labs and extended hours. Together, Aspen Dental practices cared for nearly 1.8 million patients in 2018.
- COMPLETELY RENOVATED (2019) • NEW 10 YEAR NNN LEASE • 10% RENT INCREASES EVERY 5 YEARS
- Aspen Dental’s new 10-year NNN lease commenced in October 2019 and features (3) 5-year renewal options. The lease calls for 10% rent increases every 5 years in both the Primary term and the Option periods, providing for a passive investment with solid income growth.
- LOCATED ON OUTPARCEL TO SEQUOIA MALL • ANCHORED BY HOBBY LOBBY, BED BATH & BEYOND, MARSHALLS • STRONG CO-TENANTS OFFER RETAIL SYNERGY
- The Aspen Dental sits on an outparcel within the Sequoia Mall Shopping Center, which is anchored by Hobby Lobby, Bed Bath & Beyond, and Marshalls, with other co-tenants including Tutti Frutti Yogurt, Regal Cinemas, Burger King, and Rabobank.
- STRATEGIC LOCATION ALONG S. MOONEY BLVD (46,000 CPD) • HOME TO MAJORITY OF NATIONAL RETAILERS IN THE AREA: VISALIA MALL, TARGET, LOWE’S, WALMART, COSTCO, BEST BUY, HOMEGOODS
- The subject property is ideally located along S. Mooney Blvd, which is the main commuter corridor to/from Hwy 198 connecting to Hwy 99, and offers excellent visibility to 46,000 cars per day. The majority of national retailers are situated in the southern half of the City along the Mooney Boulevard Corridor, providing for an outstanding customer draw to the dense surrounding trade area of approximately 517,257 shoppers. Notable neighboring tenants include the Visalia Mall anchored by Macy’s and JCPenney, as well as big-box retailers including Target, HomeGoods, DSW, Walmart, Burlington, Lowe’s, Costco, Best Buy, Dick’s Sporting Goods, Michael’s, and more.
- LOCATED IN STRONG RETAIL TRADE AREA (OVER 517,000 CONSUMERS WITH AVG HH INCOME OF $70,000) • STRONG DEMAND FORECASTED THRU 2030
- Visalia’s retail base is strong and diverse. While some neighboring County communities have added some large format, big box and/or general merchandise retailers, they lack the depth and variety of the retailers present in Visalia. As the main shopping hub in the region, Visalia retailers benefit from a trade area of over 517,250 shoppers with an average household income of nearly $70,000, providing for consistent consumer traffic (Source: Brookfield Properties/Visalia Mall). As a result, Visalia consistently represents nearly 40% of the total sales tax generated in both Tulare and Kings County combined, and generates over 50% of Tulare County’s total food product and general retail related sales tax. This demand is projected to increase; by 2030, supportable overall retail space demand will increase to 1.9 million square feet within the City of Visalia, with overall market area demand forecasted to grow by about 1.8 million square feet to 6.1 million square feet of space by the same time.
- CITY OF VISALIA: COUNTY SEAT OF TULARE COUNTY • ECONOMIC & GOVERNMENTAL CENTER TO ONE OF THE MOST PRODUCTIVE AGRICULTURAL COUNTIES IN THE COUNTRY
- The property is located in Visalia, in the agricultural San Joaquin Valley in California’s Central Valley, approximately 43 miles south of Fresno, 190 miles north of Los Angeles, and 230 miles southeast of San Francisco. The city is strategically situated along Freeway 99, one of California’s primary north/south arteries, offering a central location that is well connected to its surrounding communities. As the county seat of Tulare County, Visalia serves as the economic and governmental center to one of the most productive agricultural counties in the country. Visalia’s population was 136,246 as of a 2018 U.S. Census Bureau estimate, making it the fifth-largest city in the San Joaquin Valley.
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