2911 S Highway 27 Somerset , KY 42501-3036
Aspen Dental - Retail for sale
Download Offering Memorandum
JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Aspen Dental (the “Property”, or “Asset”) located in Somerset, Kentucky. As the only Aspen Dental within 40 miles, the Asset is strategically positioned along the primary retail corridor of Somerset with convenient accessibility from neighboring communities such as Ferguson, Burnside, and the rest of the greater Somerset region. Recently constructed in 2014, the Property sits as an outparcel to a Hobby Lobby and TJ Maxx anchored center amongst retailers such as Walmart, Lowe’s, Kroger, Aldi, Tractor Supply, and the Somerset Mall. These retailers, as well as the Somerset Community College campus across the street, draw strong traffic to the U.S. Route 27 corridor with over 26,900 vehicles passing the Property daily. The Property has over five years remaining a corporate, double-net lease with landlord responsibilities limited to roof and structure, eight percent increases every five years, and three, five-year options for renewal. This offering presents a unique opportunity to acquire a freestanding Aspen Dental for an accretive cap rate with no competition in the area, allowing investors to capitalize on a potential long term investment with strong returns and increasing rent.
- As an outparcel to a Hobby Lobby and TJ Maxx anchored center, the Asset is optimally positioned along U.S. Route 27 (26,900 VPD) to see outstanding traffic drawn to the immediate area due to retailers such as Walmart, Lowe’s, Kroger, Aldi, Tractor Supply Co, and the Somerset Mall.
- The Property is subject to a double net lease with minimal landlord responsibilities, over five years of primary term remaining, three, five-year options for renewal, and eight percent increases every five years.
- The tenant, Aspen Dental Management Inc., is the corporate entity and is one of the leaders in the dental office segment; Aspen Dental operates 600+ stores nationwide.
- This location is important for Aspen Dental, as there are no other locations within 40 miles. Accessibility via U.S. Route 27 and KY Highway 914 makes the Property convenient for all residents of the region.
- Across the street is the Somerset Community College main campus, drawing over 6,700 students to the immediate area daily.
- The Property was a build-to-suit for Aspen Dental, demonstrating outstanding commitment to the location and security of the longevity of the tenancy.
|Tenure Type||Sale / Purchase|
|Property Address||2911 S Highway 27, Somerset, KY 42501-3036|
|Land In Acres||0.79|
|Building Size||3,509 ft2|
|Tenant's Name||Aspen Dental|
|Lease Expiration Date||07/31/2024|
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