Hanley Investment Group Real Estate Advisors arranged the sale of a single-tenant net-leased property occupied by Jefferson Dental & Orthodontics in Austin, Texas.
The sale price could not be disclosed.
In the past 36 months, Hanley Investment Group has completed the sale of 73 dental and medical retail investments valued at $403 million in the U.S.
Hanley Investment Group’s Vice President Garrett Wood, in association with ParaSell, Inc., represented the seller, FourT Realty, LLC of Austin. The buyer, a private 1031 exchange investor based on the West Coast, was represented by Daniel Solomon, a senior associate at Kidder Mathews of Los Angeles.
The 4,053-square-foot building, a former Payless ShoeSource store, was built in 1987. In 2019, FourT Realty signed a new long-term net lease with Jefferson Dental to convert the building into a dental office. The building is situated at the hard corner, signalized intersection of North Lamar Boulevard and Rutland Drive at 9511 North Lamar Boulevard, which sees 38,000 cars per day.
The dental office, located across from an H-E-B grocery store, benefits from a pylon sign and a 10-year corporate triple-net lease with over six years remaining on the initial lease term plus three five-year options with a 9% increase in each option period. Other tenants nearby include McDonald’s, Whataburger, Taco Bell, Burger King, and Dollar Tree.
