| Metric | Details |
|---|---|
| Entity / Legal Name | Heartland Dental, LLC |
| Ownership | KKR (PE) — acquired 2018 |
| S&P / Moody’s Rating | B‑ / Caa1 |
| Investment Grade Status | Non-Investment Grade — Substantial Risk |
| Sector | Dental Services / DSO (largest DSO in the US) |
| US Location Count | 1,700+ |
| Cap Rate Range | 7.50–9.00% |
| Typical Lease Term | 10–15 years (Absolute NNN) |
| Guarantee Type | Heartland Dental LLC (corporate entity) |
| Annual Revenue | ~$2.0B (est., FY2024) |
| Typical Building Size | 2,500–5,000 SF |
| Typical Price Range | $1,500,000–$3,500,000 |
Heartland Dental Business Overview & NNN Investment Profile
Heartland Dental is the largest dental service organization (DSO) in the United States, operating over 1,700 dental offices across 38 states under KKR’s private equity ownership. Founded in 1997 by Rick workman in Effingham, Illinois, Heartland grew organically and through acquisition to its current scale before KKR acquired a majority stake in 2018. The company provides business and management services to affiliated dental practices — the DSO model — with individual dentists maintaining clinical autonomy while Heartland handles real estate, HR, marketing, and administrative operations.
Heartland Dental vs. Aspen Dental: The Largest DSOs Compared
| Metric | Heartland Dental | Aspen Dental |
|---|---|---|
| US Locations | 1,700+ | 1,000+ |
| PE Owner | KKR | Ares / Leonard Green |
| S&P Rating | B‑ | B |
| Moody’s Rating | Caa1 | B3 |
| Cap Rate Range | 7.50–9.00% | 7.00–8.50% |
| Price Range | $1.5M–$3.5M | $1.5M–$3.5M |
| DSO Structure | Supported practice (dentist retains ownership) | Corporate branded offices |
Heartland Dental NNN Cap Rate & Pricing
Heartland Dental NNN properties trade at cap rates between 7.50% and 9.00% as of Q1 2026. The B‑/Caa1 rating — deeper than Aspen Dental’s B/B3 — commands spreads approximately 50 to 75 basis points wider than comparable Aspen Dental NNN. Brand-new 2025 construction in affluent suburban corridors with long 15-year absolute NNN leases price at the tighter end. Shorter-term assets, secondary markets, or locations with below-market rent price at 8.50% to 9.00%+. Accessible acquisition prices of $1,500,000 to $3,500,000 make Heartland NNN properties one of the most accessible NNN dental formats for individual investors.
Is Heartland Dental the largest DSO in the US?
Yes. Heartland Dental operates over 1,700 dental offices across 38 states, making it the largest dental service organization in the United States by location count. Despite being larger than Aspen Dental by approximately 700 locations, Heartland’s credit ratings are more impaired due to higher leverage from KKR’s 2018 LBO.
What cap rates are Heartland Dental NNN properties trading at?
Heartland Dental NNN properties trade at 7.50% to 9.00% as of Q1 2026. The B‑/Caa1 rating commands wide spreads reflecting KKR-era leverage. New construction in strong markets prices at the tighter end. Acquisition prices range from $1,500,000 to $3,500,000.
The Only Heartland Dental NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker pays the cooperating commission.
Find It — Heartland Dental NNN properties sourced with lease term, market demographics, and re-tenanting viability analysis. At the Caa1 rating level, location quality is the primary credit mitigant.
Compare It — Not certain Heartland is the right credit tier? We show Aspen Dental, Concentra, and investment-grade healthcare alternatives side-by-side for your criteria.
Talk to a Dental NNN Specialist →
In a 1031 exchange? Tell us your timeline — we move faster.
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Own a Heartland Dental Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Heartland Dental NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Heartland Dental NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Heartland Dental properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Heartland Dental portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Heartland Dental buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
