Vetcor - Chico Hospital for Cats (Chico, CA)
Recent Lease Extension | Corporate Guaranty (905+ Locations) | 3% Annual Increases
Marketing description
PROPERTY HIGHLIGHTS
• Vetcor Corporate Guaranty: Lease is backed by a corporate guaranty from Vetcor – a leading operator of community-based veterinary hospitals across the United States and Canada, supporting 900+ practices.
• Attractive Low Rent Basis – $19.34/SF: Current rent is only $19.34 per SF, providing investors with a below-market rent basis and meaningful long-term upside potential.
• Above-Market 3% Annual Rental Increases: Lease features 3% annual increases, exceeding typical market escalations and providing strong organic income growth and inflation protection.
• Recent Lease Extension – Demonstrated Tenant Commitment: Vetcor exercised its option to extend the lease on September 1, 2025, signaling long-term commitment to the location.
• Additional Land Value – ±13,068 SF Parcel Included: Sale includes an adjacent parcel utilized by the tenant for parking, enhancing functionality and long- term value.
• Established Single-Tenant Veterinary Asset: 100% occupied by Chico Hospital for Cats, a well-established feline-exclusive practice.
• Mission-Critical Use – Specialized Cat Hospital: Purpose-built facility with specialized buildout, increasing tenant stickiness.
• Passive NNN Lease Structure: Provides minimal landlord responsibilities and stable cash flow.
• Limited Supply Of Veterinary-Ready Real Estate: Scarcity of comparable assets supports long-term tenancy.
Investment highlights
TENANT HIGHLIGHTS
• National Platform With Institutional Backing: Vetcor is one of the largest and most established veterinary operators in North America, supporting over 905 community-based practices across the U.S. and Canada.
• Private Equity Sponsorship: Backed by Harvest Partners (~$20B+ AUM) & Cressey & Company (~$2B+ AUM), both with deep healthcare expertise.
• Proven Acquisition & Growth Model: Vetcor continues expanding nationally.
• High Barrier To Relocation: Specialized buildouts and client loyalty reduce relocation risk.
• Specialty Niche – Feline Exclusive Care: Differentiated service offering driving strong loyalty.
• Industry Tailwinds: Strong growth driven by increasing pet ownership.
• Recurring & Necessary Services: Non-discretionary care drives durable revenue.
LOCATION HIGHLIGHTS
• Proximity to New Multifamily Development – Cussick Apartments: Located directly across the street from the recently delivered 75-unit Cussick Apartments, a brand new residential community that introduces immediate housing density to the area. The development serves as a strong daily traffic driver and supports long-term demand for service-oriented uses, including veterinary services.
• Primary Northern California Hub: Largest city in Butte County serving a broad region.
• Stable University-Driven Economy: Home to Chico State University.
• Regional Trade Area Draw: Attracts patients from surrounding communities.
• Strong Demographics & Pet Ownership: Supports consistent demand.
• Healthcare & Service-Oriented Economy: Diverse economic base.
• Favorable Cost Structure: Lower costs vs coastal California markets.
• Limited Competition: Scarcity of specialty veterinary facilities.
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