Hanley Investment Group Real Estate Advisors completed the sale of a newly-constructed single-tenant Aspen Dental in Jefferson County, Missouri, at the intersection of Big Bill Road and Highway 141 in the city of Arnold.
The purchase price was $2.424 million, representing a 6.50 cap rate, the lowest cap rate ever for an Aspen Dental in the Midwest, according to CoStar.
Hanley Investment Group Associate Jeff Lefko and Executive Vice President Bill Asher represented the seller, DLJ Properties, LLC in Arnold. The buyer, a private investor based in Chicago, was represented by Robert Gamzeh of Triple Net Investment Group in Falls Church, Virginia.
The 3,500-square-foot building occupied by Aspen Dental, which was completed earlier this year, is situated on 0.39 acres at 1200 Big Bill Road in Arnold, less than 20 miles south of St. Louis. T
Aspen Dental is one of the five largest private dental providers in the country with more than 600 offices in 36 states.