West Palm Beach, FL (November 24, 2021) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.89 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental. The 3,533-square-foot property is located at 8961 Okeechobee Boulevard in West Palm Beach, FL.
SRS NNLG’s Executive Vice President Patrick Nutt and First Vice President William Wamble who are out of the firm’s South Florida office represented the seller, a Florida-based private investor. SRS NNLG’s First Vice President Richard Dorfman who is out of the firm’s New York City office represented the buyer, a Massachusetts-based private investor. The closing cap rate was 5.5% which is a record low for a Heartland Dental-occupied property.
Built in 2000, the property is currently being renovated by Heartland Dental who recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.
“Heartland Dental is in the process of renovating the former Truist Bank property with plans to open for business in the first quarter of 2022,” said Wamble. “We were able to sell this property off-market sourcing the deal internally via collaborative efforts between our South Florida and New York City offices.”
Year-to-date, SRS’ Investment Properties Group and National Net Lease Group (NNLG) has completed more than 600 transactions valued in excess of $2 billion and has in excess of $2 billion in property on the market.