- NEW CONSTRUCTION: The site of a former Friendly’s restaurant, the brand-new construction was recently completed and the lease term commenced on June 13, 2019
- LEASE TERM: The WellNow Urgent Care lease is for an initial 10- year term and includes (3), 5-year renewal options.
- ATTRACTIVE RENT INCREASES: The Lease calls for 8.0% rent increases every 5 years and at the start of each option period, providing the investor with an attractive increase in revenue and hedge against inflation.
- STRATEGIC RETAIL CORRIDOR LOCATION: The WellNow Urgent Care is conveniently located within a destination retail trade area just off Exit 45 on I-81 at Arsenal Street (Route 3). The Property is located just 0.2 miles from the Interstate along the primary roadway connecting I-81 with the residential city of Watertown.
- RETAIL TRADE AREA: Top retailers and attractions drawing consumers to trade area include: Walmart Supercenter, Sam’s Club, Target, Lowe’s, TJ Maxx, Staples, Harbor Freight Tools, Aldi, Hannaford Supermarket, Price Chopper, Petco, Michaels, Raymour & Flanagan Furniture, Party City, Ollie’s Bargain Outlet, The Salmon Run Mall (JC Penny, Best Buy, Burlington, Dick’s Sporting Goods and a 12-screen Regal Cinemas) as well as numerous national restaurant and hotel chains serving area residents and travelers on I-81.
- CORPORATE GUARANTY: The WellNow Lease is guaranteed by AP UC Support, LLC, a wholly owned subsidiary of Aspen Dental Management Inc. (“ADMI”), the corporate parent of WellNow Urgent Care and Aspen Dental branded dental practices.
- MARKET FAMILIARITY: Aspen Dental has been operating an Aspen Dental branded practice less than 0.5 miles from the subject property on Arsenal Street for over 8 years before opening their WellNow Urgent Care location.
- DEMOGRAPHICS: Approximately 34,696 people live within a 5-mile radius of the Property with an average household income of $59,793.
- TRAFFIC COUNTS: Over 29,000 vehicles pass the Property daily on Arsenal Street (Route 3).
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