PetSuites - 2% Annual Rent Increases - NVA Guarantee
2% Annual Rent Increases | NVA Guarantee | 6.00% CAP | 10,911 SqFt
Marketing description
Fortis Net Lease is pleased to present a prime investment opportunity in Richmond, Texas. This 10,911 SF PetSuites facility, built in 2021, operates under a 20-year NNN lease with 15.75 years remaining, featuring 2% annual rent increases and a corporate guarantee from National Veterinary Associates (NVA). The property provides investors with turnkey, passive income and long-term stability in a recession-resistant sector.
Located at 5535 Meadow Ranch Parkway, the property enjoys excellent visibility and accessibility just off W Grand Parkway, which carries approximately 15,708 vehicles per day. The surrounding five-mile trade area is affluent and growing, with a population of ~226,000 residents and an average household income of $126,000, providing a strong and sustainable customer base for premium pet care services. With PetSuites’ proven operational model and Richmond’s thriving market, this asset represents a durable, income-producing investment in a high-demand corridor of Fort Bend County.
Investment highlights
Long-Term NNN Lease: 20-year lease with 15.75 years remaining, providing stable, predictable income with minimal landlord responsibilities.
Corporate Guarantee: Lease backed by National Veterinary Associates (NVA), one of the largest veterinary and pet care operators in the U.S.
Modern, Purpose-Built Facility: built-to-suit 2021 construction
Annual Rent Growth: Lease includes 2% annual rent increases, ensuring built-in income appreciation.
Prime Location & Visibility: Situated on Meadow Ranch Parkway just off W Grand Parkway, with ~15,708 VPD, providing excellent exposure and accessibility.
Strong Demographics: Five-mile population of 226,000 residents with an average household income of $126,000, supporting a stable and affluent customer base.
Recession-Resistant Tenant: Pet care services provide durable, service-oriented income largely insulated from economic downturns.
Thriving Submarket: Located in one of Fort Bend County’s fastest-growing and most affluent corridors, ensuring long-term market strength and tenant stability.
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