MERIDIAN, Idaho - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a new construction, single-tenant retail property occupied by Heartland Dental in the Boise, Idaho metro area. Hanley Investment Group has sold $210 million in retail properties in the Mountain West region in the past four years.
Hanley Investment Group's Executive Vice Presidents Jeff Lefko and Bill Asher, in association with ParaSell, Inc., represented the buyer, a private investor based in the Boise area. The seller and developer, Northwest Development Group of Meridian, Idaho, was represented by Andrea Nilson at Cushman & Wakefield Pacific in Boise.
"Meridian has been one of the fastest-growing cities in the country the past decade," said Lefko. "The Heartland Dental location situated directly in the path of growth, surrounded by new and proposed residential developments along with existing and new retail, made it an ideal investment opportunity in helping fulfill the buyer's 1031 exchange requirement."
The new 4,200-square-foot building, built in 2022, is located on a 0.636-acre parcel at the hard corner intersection of North Ten Mile Road and W. Milano Drive at 3177 W. Milano Drive in Meridian. The dental office operates under the name of Dental Care at Verona and is located across the street from the entrance to a Walmart Supercenter and adjacent St. Luke's Clinic - Family Health.
"The new long-term, triple-net, corporate lease with 10% increases every five years leased to Heartland Dental, the nation's largest dental support organization, were some of the key attributes that attracted the buyer to the investment opportunity," noted Lefko. "Medical/retail properties now commonly known as 'med-tail' investments have become popular alternative offerings at higher yields for buyers in recent years compared to the highly competitive and compressed QSR drive-thru sector."
The property is located within a new mixed-use development at the signalized intersection of Ten Mile and McMillan Road, which will include a variety of retail, restaurants, services and a new 55+ apartment community. Ten Mile and McMillan roads are both major thoroughfares in Idaho's Treasure Valley. Other retailers in the area include a new Costco and Winco Foods.
Heartland Dental is the nation's largest dental support organization providing non-clinical, administrative support services. What started from the entrepreneurial spirit of Rick Workman, DMD, with his single dental practice, has evolved into supporting over 2,600 dentists in over 1,600 dental offices across 38 states and the District of Columbia. The company is majority owned by KKR, a leading global investment firm.
In the past 48 months, Hanley Investment Group has completed the sale of 58 dental and medical retail investments valued at $303 million in the U.S.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $10 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Jeff Lefko, Executive Vice President
Email: Send Email
Address:3500 E. Coast Highway, Suite 100
City: Corona del Mar
Country: United States