A medical property in Leesburg has been sold for $2.3 million.
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a Heartland Dental property.
Located at 27417 U.S. Hwy. 27, the 4,296-square-foot building sits at the signalized intersection of U.S. Hwy. 27 and Benning Road, at the entrance to a Winn-Dixie and adjacent to a Publix-anchored shopping center. The property is surrounded by ongoing development of national retailers, including Taco Bell, Wendy’s, Dollar Tree and Take 5 Oil Change, and benefits from visibility to nearly 60,000 vehicles per day.
Heartland Dental is the largest dental support organization in the U.S. with more than 1,750+ offices in 39 states and over 2,800 doctors. The property is secured by a corporate-guaranteed, 10-year double-net lease with rent increases and extension options.
“We are seeing momentum, deal flow and optimism in the market again,” said Don McMinn, senior managing director. “Demand for net lease is increasing as more investors are coming off the sidelines. Deals are trading quicker and tighter on the bid-ask spread. We are currently marketing two additional Heartland Dental properties in Cape Coral, Florida, and McDonough, Georgia.”
McMinn and Andrew Koriwchak, investment specialists in Marcus & Millichap’s Atlanta office, represented the seller, a Florida-based developer. Tarek Chbeir and Rachel Riseden, from the firm’s Orlando and Jacksonville offices, secured the buyer, a local private investor. Ryan Nee is Marcus & Millichap’s broker of record in Florida.