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Heartland Dental & TD Bank | Clayton, NC 12011 US Highway 70 Business 6,393 SF 100% Leased Retail Building Clayton, NC 27520 $5,024,000 ($785.86/SF) 5.90% Cap Rate
Investment Highlights
- RALEIGH-DURHAM, NC MSA
- ATTRACTIVE LEASE FUNDAMENTALS & REASONABLE RENTAL RATES
- STRONG CREDIT TENANTS
Executive Summary
ATTRACTIVE LEASE FUNDAMENTALS & REASONABLE RENTAL RATES
- Each Tenant has signed a new 10 year Lease and both are corporate guarantees
- Both leases have at least 3 x 5 year extensions left while TD Bank has 4 x 5 Year extensions
- Each lease provides 10% rent increases every 5 years in base term and option periods providing a strong inflation hedge
- The market rents in Clayton have continued to climb higher year over year; therefore, the current rents for the two tenants are at and below market rents in the surrounding area, which provides future upside at the property
STRONG CREDIT TENANTS
- Heartland Dental operates over 1,800 locations
- TD Bank operates over 1,170 locations with an S&P credit rating of A+
- Combined tenancy offers strong credit fundamentals and low risk of default
DENSE RETAIL NODE
- Over 726K SF of retail space within a 1-mile radius with a vacancy rate below 3%
- Surrounded by national retailers including Lowe’s Foods, Walmart Supercenter, and Cato Fashions
- High-traffic corridor along U.S. Highway 70
NEARBY ECONOMIC DRIVERS WITH CONTINUOUS INVESTMENT
- Clayton and the Raleigh MSA Rank #1 in the U.S. for Business Climate (Site Selection 2024)
- Major Employers Include Novo Nordisk, Grifols, and Caterpillar
- Continuous Corporate and Residential Investment Driving Long-Term Market Stability
RALEIGH-DURHAM, NC MSA
- Raleigh, NC is ranked #3 in 2023 for Best Residential Markets (Rocket Mortgage)
- Raleigh forecasts a 44% job growth over the next 10 years (3.0% growth from 2021 to 2022)
- Raleigh was ranked #3 in Best Places to Live for 2023-2024 (U.S. News)
NEW CONSTRUCTION
- This multi-tenant property is built with both tenants new formats
- Warranties will be assigned to new owner
- TD Bank benefits from a dual drive-thru
- Each Tenant has signed a new 10 year Lease and both are corporate guarantees
- Both leases have at least 3 x 5 year extensions left while TD Bank has 4 x 5 Year extensions
- Each lease provides 10% rent increases every 5 years in base term and option periods providing a strong inflation hedge
- The market rents in Clayton have continued to climb higher year over year; therefore, the current rents for the two tenants are at and below market rents in the surrounding area, which provides future upside at the property
STRONG CREDIT TENANTS
- Heartland Dental operates over 1,800 locations
- TD Bank operates over 1,170 locations with an S&P credit rating of A+
- Combined tenancy offers strong credit fundamentals and low risk of default
DENSE RETAIL NODE
- Over 726K SF of retail space within a 1-mile radius with a vacancy rate below 3%
- Surrounded by national retailers including Lowe’s Foods, Walmart Supercenter, and Cato Fashions
- High-traffic corridor along U.S. Highway 70
NEARBY ECONOMIC DRIVERS WITH CONTINUOUS INVESTMENT
- Clayton and the Raleigh MSA Rank #1 in the U.S. for Business Climate (Site Selection 2024)
- Major Employers Include Novo Nordisk, Grifols, and Caterpillar
- Continuous Corporate and Residential Investment Driving Long-Term Market Stability
RALEIGH-DURHAM, NC MSA
- Raleigh, NC is ranked #3 in 2023 for Best Residential Markets (Rocket Mortgage)
- Raleigh forecasts a 44% job growth over the next 10 years (3.0% growth from 2021 to 2022)
- Raleigh was ranked #3 in Best Places to Live for 2023-2024 (U.S. News)
NEW CONSTRUCTION
- This multi-tenant property is built with both tenants new formats
- Warranties will be assigned to new owner
- TD Bank benefits from a dual drive-thru
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
6,393 SF
Building Class
B
Year Built
2025
Price
$5,024,000
Price Per SF
$785.86
Cap Rate
5.90%
NOI
$296,400
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.11
Lot Size
1.28 AC
Zoning
COM - Commercial
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Heartland Dental
- Health Care and Social Assistance
- 3,507 SF
- -
- May 2035
- TD Bank
- Finance and Insurance
- 2,752 SF
- -
- Oct 2035
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Heartland Dental | Health Care and Social Assistance | 3,507 SF | - | May 2035 | ||
| TD Bank | Finance and Insurance | 2,752 SF | - | Oct 2035 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 05G02006N | Improvements Assessment | $996,000 |
| Land Assessment | $602,810 | Total Assessment | $1,598,810 |
Property Taxes
Parcel Number
05G02006N
Land Assessment
$602,810
Improvements Assessment
$996,000
Total Assessment
$1,598,810
Contacts
-
David Hoppe -
Mike Lucier -
Ben Olmstead -
Ben McCarter -
Connor Kuchman -
Atlantic Capital Partners
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Heartland Dental & TD Bank | Clayton, NC | 12011 US Highway 70 Business
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