NVA College Garden Animal Hospital
10% CAP NVA NNN with 40+ Year Operating History
Marketing description
Established in 1983, College Garden Animal Hospital is a full-service veterinary medical facility located in Roswell, New Mexico, the largest animal hospital in the surrounding area for over 30 years. The professional and courteous staff at College Garden Animal Hospital seeks to provide the best possible care for our highly-valued patients. We are committed to promoting responsible pet ownership, preventive health care, and health-related educational opportunities for our clients.
Initially, the practice was started with two doctors, two receptionists, one veterinary assistant, and three kennel personnel. The mixed practice was approximately 50% small animal, 30% food animal, and 20% equine.
In the past 30+ years, the practice has grown to include a much larger staff to better serve our community. College Garden has evolved into a 97% small animal practice, 3% large animal, including avian and exotics.
Serving as a comprehensive animal hospital, College Garden Animal Hospital provides a wide range of services, including wellness and preventative care, dentistry, diet and nutrition, vaccinations, and more.
Investment highlights
- Corporate Backed Passive Lease Structure: Corporate Backed NNN Lease featuring 2% annual increases throughout initial lease term and options. 43+ year historical occupancy with multiple lease extensions demonstrates long-term commitment to this location.
- Subsidiary of NVA: National Veterinary Associates (NVA) is one of the largest operators of freestanding veterinary hospitals and pet resorts in the world. With over 1,500 locations and a $4 billion revenue business (as of 2024), it ranks among the top corporate consolidators of veterinary practices, particularly in North America.
- Lack of Competition: College Garden Animal Hospital serves as the largest animal hospital in the area, spanning for more than 30 years.
- NVA Acquired by JAB Holdings: In 2019, JAB Holding Company acquired NVA for $1.2 billion, followed by the purchase of Ethos Veterinary Health in 2021 for $1.65 billion and SAGE Veterinary Health Centers for $1.1 billion. These specialty care providers were later consolidated under the Ethos brand. In 2023, JAB restructured its veterinary holdings into two distinct businesses; NVA, focused on general practice and pet resorts, and Ethos, dedicatd to specialty and emergency care.
- Healthcare Real Estate: Veterinary hospitals represent a highly stable real estate investment, as these facilities almost never relocate as moving disrupts reslience against economic downturns and are entirely unaffected by the e-commerce pressures reshaping traditional real estate.
- Mission-Critical, Specialized Facility: Purpose-built 4,785 SF multispecialty hospital on 1 acre. Replacement cost of the tenants buildout is substantial- a powerful driver of renewal behavior in speciality veterinary real estate.
- High Growth Sector: The veterinary services industry has experienced steady growth in recent years at a compound annual growth rate (CAGR) of 4.7% with the US market size reaching $66B and profit margins of 14.4%. The market is projected to expand at CAGR of 1.2% over the next five years, reaching $70B by 2029.
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