Aspen Dental Tenant Overview
Updated: January 10, 2023
Pros
- Strong rent escalations
- Longterm initial lease terms
- Industry leader
Cons
- Some NN leases
- Privately owned
Tenant Description
Aspen Dental Management Inc. is a dental support organization that provides business support and administrative services to dental practices around the country. The company was founded in 1998 by Robert Fontana and is headquartered in East Syracuse, New York.
Over the past few years, Aspen Dental has pursued an aggressive growth strategy. The company targets new locations located in super-regional retail areas. In 2020, the company forecasts that more 800 branded practices will service 5 million patient appointments. Pre-covid, Aspen Dental was expecting to open 75 new retail locations that targeted demographic groups most in need of access to care.
Aspen Dental retail locations typically range from 1/2 - 4/3 of an acre in size and trade for around $540/sqft. In the past, the company has signed Fee Simple deals with lease terms ranging between 10 and 20 years.
Average Cap Rate
5.25%
12 mo avg with 10+ yr lease term
Average Property & Lease
| Average Sale Price |
$2,989,900 |
| NOI |
$166,675 |
| $/Square Foot |
$854 |
| Building SF |
3,600 |
| Lot Size |
.50 - 1.30 Acres |
| Lease Term |
10 - 20 Years |
| Escalations |
10% Every 5 Years |
| Stock Symbol |
N/A |
Average Cap Rate Trend
Rates reflect last 12 mos, short and long-term
Recent Sales Comps
| Greeley, CO |
4.90% |
| Oswego, IL |
5.15% |
| Hurstbourne, KY |
5.30% |
| Topeka, KS |
5.40% |
Featured Tenant Profiles
Sector: Big Box, Retail
Avg. Cap Rate: 5.50%
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Sector: Casual Dining
Avg. Cap Rate: 4.57%
