Northwest Veterinary Clinic of Stanwood
5 Year Renewal Option Just Exercised | Petvet Care Centers Animal Hospital | 2% Annual Increases
Marketing description
PROPERTY HIGHLIGHTS
• 5 Year Renewal Option Just Exercised: The tenant has just exercised its 5-year renewal option, extending the lease term through December 31, 2031. This extension demonstrates the tenant’s long-term commitment to the location and confidence in the hospital’s continued success.
• AAHA-Accredited Facility: AAHA-Accredited Facility: The hospital is accredited by the American Animal Hospital Association, underscoring its exceptional standards of veterinary care and operational excellence.
• Established Tenant Commitment: Northwest Veterinary Clinic of Stanwood is a long-standing and trusted practice in the community. PetVet’s ongoing operational presence and medical investments demonstrate their confidence in the site’s continued performance.
• Private Equity-Backed Strength: PetVet is owned by private equity giant KKR (Kohlberg Kravis Roberts), one of the world’s most established investment firms with over $500 billion in assets under management, ensuring financial strength and long-term backing.
• NNN Lease Structure: The lease is NNN, creating a passive, management-free investment structure. The tenant is responsible for all operating expenses including taxes, insurance, and interior maintenance.
• Full-Service Veterinary Practice: The Stanwood clinic offers a wide range of veterinary services including routine wellness exams, advanced diagnostics, surgical procedures, and dental care. The facility serves as a trusted provider for families and pet owners throughout the Stanwood and Camano Island area.
• Built-In Rent Growth: Lease features 2% annual rental increases, providing a reliable inflation hedge and enhancing long term yield for investors.
• High Occupancy Stability: The site has maintained long-term veterinary tenancy, underscoring the stickiness of the asset and its essential use case.
Investment highlights
TENANT HIGHLIGHTS
• Nationwide Footprint – Local Expertise: PetVet Care Centers owns and operates 450+ veterinary hospitals, combining the strength of a national platform with the local expertise of individual doctors. Their strategy promotes continuity of care, patient loyalty, and long-term tenant stability.
• Recession-Resistant Sector: Veterinary clinics are highly resilient during economic downturns and are insulated from e-commerce threats. PetVet hospitals benefit from high client retention and essential recurring revenue from pet healthcare needs.
• PetVet’s Long-Term Strategy: PetVet focuses on acquiring and investing in high-performing veterinary practices, with a model centered on retaining legacy doctors and staff. This has created long-term alignment and success at individual practice levels.
• High Stickiness of Location: Veterinary practices rarely relocate due to high infrastructure costs and client base disruption, making tenant retention at this site highly likely.
• Growing Industry Tailwinds:
— U.S. pet ownership has reached 66%, with over 86.9 million
households owning a pet.
— In 2024, pet industry spending hit $150 billion & is projected to
continue growing.
— Avg. annual spend per dog owner exceeds $2,500, driven by
increased demand for veterinary care, diagnostics, & wellness services.
LOCATION HIGHLIGHTS
• Established In-State Market: Stanwood, WA offers a strong & stable suburban community in Snohomish County. It’s known for its family- oriented population, small-town charm, & proximity to Seattle’s broader economic base.
• Regional Hub for Veterinary Services: Northwest Veterinary Clinic is a key provider for pet owners across Stanwood & Camano Island, drawing patients from a wide surrounding area due to its long-standing reputation & comprehensive offerings.
• Open 6 Days a Week: At Northwest Veterinary Clinic of Stanwood, the veterinarians offer a full range of veterinary services Monday through Saturday to ensure your pets get the quality care they deserve.
• Affluent & Growing Population: Stanwood has experienced steady growth & features attractive demographic indicators, including above-average household incomes & strong rates of homeownership.
• Nearby Retail Amenities & Schools: The property is surrounded by local- serving retail, schools, & residential neighborhoods that contribute to consistent daily traffic and high visibility for the practice.
• Low Competition Submarket: Stanwood has few full-service veterinary hospitals per capita, giving this PetVet facility a competitive edge & strong local market share.
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