SINGLE TENANT NNN LEASED INVESTMENT
10% Rent Increase in July 2022
BRIDENT DENTAL & ORTHODONTICS Houston, TX
BLAKE D. FEDERINKO
MICHAEL A. JENKINS
KRISTIN M. ASHENFELTER
360.823.5111
360.823.5102
360.823.5118
Blake@MAJCRE.com
Mike@MAJCRE.com
Kristin@MAJCRE.com
2
6727 NE Vancouver Mall Drive – Vancouver, WA
CONFIDENTIALITY DISCLAIMER This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the MAJ Commercial Real Estate affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
TABLE OF CONTENTS Lease Summary
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Property Summary
6
Rent Roll
8
Operating Statement
9
Aerial
10
Houston, TX
12
Demographics
13
4
Brident Dental I Houston, TX
MAJ COMMERCIAL REAL ESTATE MAJ Commercial Real Estate is pleased to present to the opportunity to acquire a Single Tenant Net Leased Investment located in Houston, TX. The property is leased to Brident Dental on an 11-Year initial lease term with approximately 6-Years remaining. The property was developed in 2017 in one of the busiest retail corridors in the Houston, TX marketplace. Brident Dental is ideally located on W Bellfort Ave which has a traffic count of +/-31,000 vehicles per day. Some of the surrounding businesses include HEB Grocer Store, Pollo Campero, Chase Bank, Planet Fitness, Advance Auto Parts, Walmart Neighborhood Market and much more.
Brident Dental I Houston, TX
Lease Summary PROPERTY ADDRESS: 7750 W Bellfort Ave., Houston, TX GUARANTOR: Premier Dental Holdings, Inc. OWNERSHIP TYPE: Fee Simple TERM: See Enclosed Rent Roll EXTENDED TERMS: 4, 5-Year Options LEASE TYPE: NNN LANDLORD RESPONSIBLE: Roof and Structure LEASE EXPIRATION DATE: January 31, 2028
LEASE GUARANTOR: Brident Dental & Orthodontics PARENT COMPANY: Premier Dental Holdings, Inc. HEADQUARTERS: California, United States WEBSITE: www.brident.com # Of Locations: 352
Brident Dental & Orthodontics provides a full range of dental services. Besides general dentistry, our services include dental implants and restorative crowns using the highest quality materials available, periodontics, endodontics, orthodontics and extractions. And, because of the importance of good oral hygiene in maintaining overall health, our office teams include trained dental hygienists who provide complete oral hygiene services. Brident Dental & Orthodontics, with 89 offices throughout Texas (including Crown Dental) is an affiliate of Western Dental, one of the nation’s largest dental providers and the leader in accessible, affordable oral healthcare, serving approximately 3 million patient visits annually in 343 affiliated offices throughout California, Texas, Arizona, Nevada and Alabama. In addition to general dentistry, Brident offers pediatric dentistry, orthodontics, oral surgery, periodontics and endodontics in its offices, creating a convenient full service “Dental Home.” All of Brident’s services are backed by a unique quality assurance system that electronically monitors all patient visits, treatments, dental staff and clinical performance to enable high-quality care.
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Brident Dental I Houston, TX
Property Summary ADDRESS
7750 W Bellfort Ave., Houston, TX
TENANT
Brident Dental & Orthodontics
LEASE TYPE
NNN
YEAR BUILT
2017
BUILDING SIZE
±4,312 SF
LAND SIZE
±38,712 SF
PARKING
±72 Spaces
Investment Highlights
10% Rent Increase - July 2022
Income Tax Free State
High Barriers to Entry Market
Brident Dental I Houston, TX
$3,375,000 PRICE
5.75% CAP
Crown Dental in Houston Joins Brident Dental
CLICK HERE TO ENTER STREET VIEW
TAXES
12/07/2021 - 11:15 A.M. EST
TENANT RESPONSIBLE
Brident Dental & Orthodontics, an affiliate of Western Dental, one of the nation’s leaders in accessible, affordable oral healthcare and the leading orthodontics provider in the country, announced today Crown Dental and its nine offices in Texas are joining the Brident family.
INSURANCE
With the Crown Dental locations, Brident now has 33 offices in the Houston area and 89 in Texas, where the company has added 58 offices in recent years. Altogether, the Western Dental/Brident family has 352 offices in five states. “We are very pleased to welcome the patients, doctors and staff of Crown Dental to our Dental Home,” said Dr. Sylvia Lin, DDS, President of Brident DDS, P.C. (“Brident Dental”). “Our practices share a commitment to service, and we are already working together to expand access to high quality, affordable care in the greater Houston area. source: https://www.businesswire.com/news/home/20211207005841/en/CrownDental-in-Houston-Joins-Brident-Dental
TENANT RESPONSIBLE
CAMs
TENANT RESPONSIBLE
UTILITIES
TENANT RESPONSIBLE
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8
Brident Dental I Houston, TX
Rent Roll TERM
MONTHLY RENT
ANNUAL RENT
PSF
ADJUSTED CAP RATE
1-5
$16,170.00
$194,040.00
$45.00
5.75%
$17,787.00
$213,444.00
$49.50
6.32%
Option 1
$19,565.70
$234,788.40
$54.45
6.96%
Option 2
$21,522.27
$258,267.24
$59.90
7.65%
Option 3
$23,674.50
$284,094.00
$65.88
8.42%
Option 4
$26,041.95
$312,502.40
$72.47
9.26%
6-10 July 2022
+/- 6 YEARS REMAINING
4, 5-YEAR OPTIONS
NNN
Lease Type
Brident Dental I Houston, TX
LESS OPERATING EXPENSES CAMs
Tenant
Property Taxes
Tenant
Insurance
Tenant
TOTAL EXPENSES
$0.00
$194,040.00
NET OPERATING INCOME
5.75%
$194,040.00 SCHEDULED INCOME
CAP
$3,375,000 SALE PRICE
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10
Brident Dental I Houston, TX
16 T( S T
D) P 0V
,63
NE
N SO
S
BI
FONDREN RD (31,386 VPD)
S GESSNER RD (20,460 VPD)
SUBJECT PROPERTY
W BELLFORT AVE (31,000 VPD)
8 7,3 1 ( W AIRPORT BLVD
) PD V 7
Brident Dental I Houston, TX
11
Aerial
W LL BE E( AV RT FO ) PD 0V
00 31,
SUBJECT PROPERTY
D) 00 VP
W
E (31,0 RT AV O F L L BE
SUBJECT PROPERTY
12
Brident Dental I Houston, TX
Houston, TX Houston is the most populous city in Texas, fourth-most populous city in the United States, most populous city in the Southern United States, as well as the sixth-most populous in North America, with a population of 2,304,580 in 2020. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the seat and largest city of Harris County and the principal city of the Greater Houston metropolitan area, which is the fifth-most populous metropolitan statistical area in the United States and the second-most populous in Texas (Dallas-Fort Worth is larger). Houston is the southeast anchor of the greater megaregion known as the Texas Triangle. The city of Houston was founded by land investors on August 30, 1836, at the confluence of Buffalo Bayou and White Oak Bayou (a point now known as Allen’s Landing) and incorporated as a city on June 5, 1837. The city is named after former General Sam Houston, who was president of the Republic of Texas and had won Texas’s independence from Mexico at the Battle of San Jacinto 25 miles (40 km) east of Allen’s Landing. After briefly serving as the capital of the Texas Republic in the late 1830s, Houston grew steadily into a regional trading center for the remainder of the 19th century.
Brident Dental I Houston, TX
Demographics
POPULATION
AVG HOUSEHOLD SIZE
30,653 167,989 473,934 1 mile
3 mile
2.72
5 mile
2.81
1 mile
3 mile
2.91 5 mile
MEDIAN AGE
AVG HOUSEHOLD INCOME
32.8 1 mile
33.3 3 mile
32.8
$57,662
5 mile
$69,495
1 mile
3 mile
$70,799 5 mile
BUSINESS
TOTAL BUSINESSES
TOTAL EMPLOYEES
630 1 mile
5,858 3 mile
21,869
3,708
5 mile
1 mile
47,001 3 mile
117,094 5 mile
INCOME
$50,259.54
CONSUMER SPENDING (IN THOUSANDS)
AVG HOUSEHOLD INCOME
$57,662 1 mile
$69,495 3 mile
$70,799 5 mile
$219,281 MEDIAN PROPERTY VALUE
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BRIDENT DENTAL HOUSTON, TX
EXCLUSIVELY MARKETED BY: BLAKE D. FEDERINKO 360.823.5111 Blake@MAJCRE.com
MICHAEL A. JENKINS 360.823.5102 Mike@MAJCRE.com
KRISTIN M. ASHENFELTER 360.823.5118 Kristin@MAJCRE.com