Marcus & Millichap negotiates deal for Aspen Dental and MD Now Urgent Care portfolio
Marcus & Millichap announced this week the sale of Aspen Dental and MD Now Urgent Care (“MD Now”), a two-tenant net-leased property located in Cape Coral. The 6,950-square-foot property sold for $5.1 million or $734 price per square feet at a cap rate of 4.87%,
“Through our extensive marketing process, we drove several offers to the property and ultimately were successful in negotiating an incredible price. This property was in high demand due to the NNN lease structures with growing corporate tenants, which are pillars in Florida’s exploding medical office product type,” stated Jim Shiebler, CCIM, first vice president investments.
Shiebler, James Garner, CCIM, James Medefind, and Robert Freeman in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller.
“The buyer was a family fund and was in a 1031 exchange specifically targeting medical tenant assets in Florida,” added Alan Lipsky, senior vice president investments. The buyer was procured by Marcus & Millichap’s Barry Wolfe and Lipsky in the Fort Lauderdale office as part of a collaboration on an exclusive basis for their 1031 exchange.
MD Now is a Florida urgent care provider, with over 55 physician-led facilities across the state. Aspen Dental offices, independently owned and operated, offer affordable, state-of-the-art dental care across the state. The property is located at 2609 Santa Barbara Blvd., at the intersection of Veterans Parkway and Santa Barbara Boulevard, S., adjacent to The Shops at Midpoint Center.
Built in 2020, both tenants are corporate-backed, true triple-net leases with original 10-year lease terms.