The Smile Lodge Pediatric Dentistry MOB Portfolio is a three-property, single-tenant dental and medical outpatient portfolio totaling approximately 50,000 rentable square feet, located in Clifton Park and East Greenbush, New York within the Albany–Schenectady–Troy MSA.

The Portfolio is 100% leased to The Smile Lodge Pediatric Dentistry, in partnership with MB2 Dental under newly executed 15-year NNN leases with fixed annual rent escalations, providing long-term, predictable cash flow with minimal landlord responsibilities.

The Smile Lodge is one of the largest pediatric dental platforms in upstate New York, operating three strategically located facilities across Saratoga and Rensselaer Counties. Founded in 2000, the practice has established a dominant regional presence through a comprehensive, multi-specialty service offering that includes pediatric dentistry, orthodontics, oral surgery, and sedation dentistry. The platform employs more than 25 clinicians and over 200 total staff members and serves more than 50,000 children annually, underscoring the essential, high-utilization nature of the real estate supporting the practice.

The Portfolio benefits from a strategic partnership with MB2 Dental, a nationally scaled dental support organization supporting more than 800 affiliated practices across nearly 40 states, which includes a network of more than 1,800 doctors. MB2 provides centralized infrastructure across finance, human resources, compliance, marketing, and payer relations while preserving clinical autonomy at the practice level. This partnership materially enhances tenant credit quality and operational durability, positioning the Smile Lodge platform for continued growth and long-term lease performance.

Investment Highlights

DSO-Backed Tenancy
Leased to The Smile Lodge Pediatric Dentistry in partnership with MB2 Dental, a nationally scaled DSO supporting approximately 800 practices and 1,800 physicians across 45 states.

Market-Leading Pediatric Platform
Smile Lodge is one of the largest pediatric dental providers in upstate New York, with a dominant regional footprint across Saratoga and Rensselaer Counties.

Scaled, Established Operator
Founded in 2000, the platform operates three locations with more than 25 clinicians and over 200 staff members, reflecting a mature and institutionalized operating model.

Large, Active Patient Base
The practice serves more than 50,000 children annually, driving recurring utilization and long-term demand for the underlying real estate.

Strong Financial Performance
The operating business generates approximately $27.7 million in annual revenue and $6.5 million of adjusted EBITDA, supporting rent coverage and long-term lease durability.

Multi-Specialty Service Mix
Comprehensive offerings include pediatric dentistry, orthodontics, oral surgery, and sedation dentistry, enhancing visit frequency and lifetime patient value.

Organic Growth Opportunity
A 65,000+ active patient base provides meaningful runway for continued expansion in orthodontics and oral surgery within the existing platform.