AUSTIN--HighStreet Net Lease Group recently represented a private group in the disposition of a single-tenant net-leased medical asset located at 8316 Tuscany Way in Austin. The property was a build-to-suit for Affordable Dentures, a tenant specializing in personal dental services.

Purchased as an investment vehicle, the 3,000-square-foot property is located on a 1.13-acre parcel. Affordable Dentures is currently on a double net lease that places responsibilities on the landlord for maintenance and replacement of the roof and structure. Despite this, HighStreet Net Lease Group achieved an aggressive cap rate on the sale, say reps for the company.  

“Although the current tenant lacked name recognition and the lease contained landlord obligations, HighStreet Net Lease Group was able to find an ideal buyer for this disposition by highlighting multiple positive aspects of the property, including the location and tenant's strong revenue history, which resulted in an attractive sales price for our client,” Matt Moake, an acquisition/disposition executive at HighStreet Net Lease Group, told GlobeSt.com. “They now have ample funds to exchange up into a more desirable property.

Affordable Dentures is a growing company that recently extended its lease; the company operates more than 200 locations throughout 40 states. 

Houston-based HighStreet Net Lease Group says the sale was challenging because of the lesser-known tenant, but that it was able to generate a large amount of interest by highlighting the location, tenant's history of success and recent lease extension to ensure its client received the highest possible sale price. 

“Through our meticulous and dedicated strategy, we are confident we will be able to successfully help our client acquire its next single-tenant net-leased investment,” says Moake.