A three-tenant retail center that includes an Aspen Dental office in Mansfield, Conn., was sold as part of a $5.8 million deal, the New England Real Estate Journal reported Oct. 17.
The Aspen Dental property sold specifically for $2.22 million at a 6.25% cap rate. The other two properties in the portfolio were a Chipotle and a Five Guys. The three properties take up 8,502 square feet of space.
Aspen Dental has at least eight years left on its lease with three, five-year renewal options. The lease allows for 10% rent increases every five years and at the start of each renewal period.
