A less than 4,000-square-foot dental office in Lee County has sold to an investor for $3.1 million.
The property is at 1621 Cape Coral Parkway W. An LLC tied to a private home in suburban Dallas bought the office. The seller is WMG Development in Winter Garden. According to Lee property records, the developer paid $1.53 million for it in 2021.
The 3,918-square-foot office, which was built in 2005 and renovated in 2021, sits on 1.12-acres across from the Publix Super Market anchored Camelot Isles shopping center.
Marcus & Millichap, which represented WMG in the deal, says in a statement that the building is leased to Heartland Dental. It operates as Chiquita Dental Care but corporately supported by Heartland, the lease guarantor.
Heartland is a support company that offers administrative services to independently owned dental practices.
The tenant has a new 10-year absolute triple-net lease.
Don McMinn, senior managing director for investments for Marcus & Millichap, says in the statement that the medical office sector “remains one of the most resilient and attractive net-lease segments.”
“This deal highlights the momentum we’re seeing as rate cuts drive stronger buyer confidence, higher transaction volume and greater investor demand.”
McMinn, Andrew Koriwchak and Ryan Nee represented WMG.