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23784746
23784745

605 E Bloomingdale Ave, Brandon, FL 33511

CM
OH SAL.2014000892, OH #SAL.2014000892 (+1)
Marcus & Millichap - Cleveland
WS
OH OH #SAL.2021008491
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Cleveland
$2,538,000
368 days on market
Updated 12 days ago

The Brandon Equine Medical Center PVCC

Details
Property Type Office
Sub Type Medical Office, Veterinary
Square Footage 9,088
Units 2
Cap Rate 8.00%
NOI $190,300
Occupancy 100%
Tenancy Multi
Brand/Tenant PetVet
Lease Type NN
Lease Term 5
Lease Expiration 12/30/2031
Remaining Term 6.5
Rent Bumps Yes
Lease Options 3, 5yr
Price per SqFt $240
Year Built 1995, 2016
Buildings 2
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/31/2016
Occupancy Date 12/31/2016

Veterinary Equine | 8% CAP | 9,088 SqFt

Marketing description

Marcus & Millichap is Pleased to Present The Brandon Equine Medical Center, Located in Brandon Florida. The Equine Campus is 100% Leased to the National Veterinary Service Provider, PetVet Care Centers (Formerly Under MAVANA) who has a Total of Over 450 General Practices, Specialty/E.R Hospitals and Equine Facilities Across the United States. Additionally, the Investment Opportunity is Leased to Local Dog Training Business On Course Agility which has a Rolling One Year Lease Agreement. PetVet has Practiced in Brandon Since 2017, and Recently Renewed Early to Yield 6.5 Years Remaining on the Lease with Three, 5 Year Renewal Options. Since COVID-19, Studies Show Over 23 Million American Households got Pets. Veterinary Practices were Deemed Essential Through the Pandemic and Continue to Grow as Safe and Secure Investments. PetVet was Founded in 2012, and Currently has more than 450 Veterinary Locations Across the United States. PetVet Care Centers is Owned by Powerhouse Private Equity Group KKR, a Leading Global Investment Firm that Offers Alternative Asset Management as Well as Capital Markets and Insurance Solutions. With Almost 50 Years of Private Equity Experience, KKR has Invested in Over 123 Companies and Currently have $503 Billion of Assets Under Management. Seven Practicing Veterinarians and Dozens of Team Members Provide a Wide Range of Equine Services Including Emergency Care, Ambulatory Services, Clinical Services, Dental Care, Diagnostic Imaging, Farrier Consulting, Integrative Medicine, Individual Wellness, Telemedicine and more. The Investment is Located Southeast of Tampa and sits Directly on East Bloomingdale Ave, which Features an Average Daily Traffic Count of 51,000 VPD. The Equine Hospital Neighbors Dozens of Strong Credit Tenants such as Life Storage, LA Fitness, Dollar Tree, First Watch, T-Mobile, UPS and more.

Investment highlights

  • PETVET HAS OVER 450 GP, SPECIALTY, E.R., AND EQUINE LOCATIONS ACROSS THE U.S.

  • LITTLE TO NO COMPETITION FOR LARGE ANIMAL CARE IN SOUTHEAST FL

  • DOUBLE NET (NN) LEASE OFFERS MIMIMAL LL OBLIGATIONS

  • LEASE IS BACKED BY CORPORATE ENTITY, PETVET OPERATING, LLC

  • STABLE 2% ANNUAL RENT INCREASES PROVIDE HEALTHY LONG-TERM RETURNS

  • RECENT LEASE EXTENSION HAS 6.5 YEARS REMAINING W/ THREE, 5 YEAR RENEWALS

  • HORSES ARE HIGHLY UTILIZED ANIMALS – SPORTS, PLEASURE, & AGRICULTURALLY

  • EQUINE INDUSTRY ATTRACTS THE WORLD’S HIGHEST NET-WORTH INDIVIDUALS

Listing Contacts

CM
OH SAL.2014000892, OH #SAL.2014000892 (+1)
Marcus & Millichap - Cleveland
WS
OH OH #SAL.2021008491
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Cleveland

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$190,300.00
$15,858.33/mo

Valuation Metrics

0
DSCR
7.5%
Cap Rate
7.5%
ROI

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Additional Information

Name
Ryan Nee
License
FL 3154667
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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