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32951756
32951755

251 East Avenue, Hilton, NY 14468

WS
OH OH #SAL.2021008491
Marcus & Millichap - Cleveland
CM
OH SAL.2014000892, OH #SAL.2014000892 (+1)
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Cleveland
Unpriced
20 days on market
Updated 1 day ago
Under Contract

Hilton Veterinary Care Hospital

Details
APN 264001 032.06-3-13.12
Property Type Special Purpose
Sub Type Veterinary
Square Footage 6,634
Tenancy Single
Lease Type NN
Lease Term 10
Lease Expiration 11/29/2031
Rent Bumps Yes
Year Built 1989
Year Renovated 2018
Acreage 1.000
Investment Type Net Lease
Lease Commencement 11/02/2021
Ground Lease No

6,634 SqFt

Marketing description

Marcus & Millichap is Pleased to Exclusively Present The Hilton Veterinary Care Hospital, Located in Hilton, New York (Rochester MSA). The Single Tenant Veterinary Care Hospital is 100% Leased to the National Veterinary Service Provider, Mission Pet Health Partners (MPH), Formerly known as Mission Veterinary Partners (MVP). The Hilton Veterinary Care Hospital has Served the Hilton Community since 1989 and has Since Expanded Twice Over the Last Two Decades to Continue Providing High Quality, Affordable Veterinary Care to the Residents in the Rochester, New York MSA. Mission Pet Health (MPH) has Practiced in Hilton Since 2021 and Currently has 5.6 Years Remaining on their Original 10 Year Lease with One, 5 Year Renewal Option Remaining. 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. MVP was Founded in 2017 and Recently Merged with Sister Company, SVP, to Total 730 Veterinary Hospitals in the United States. Prior to the Merger, MVP was Sourcing Over $1 Billion in Annual Revenue, Increasing by Double with Sister Company, SVP. MVP is Now Majority Owned by Silver Lake Capital who has Over $102 Billion Assets Under Management. Shore Capital Partners Previously Held Majority Ownership on Both Companies and will Remain as a Minority Owner After the Estimated $8.6 Billion Deal.

The 1989 Built and 2018 Renovated Veterinary Care Hospital Stands at 6,634 Square Feet and has Received Many Improvements Over the Years, Including Two new HVAC Units for The Reception Area in 2019, New Generator in 2020, and New, State of the Art Flooring at the Beginning of 2026. The Hospital Staff also Utilize 12 Parking Spots From The Neighboring Cilo Lodge. The Double-Net (NN) Lease Requires Minimal Landlord Obligation, and Provides Stable, Long-Term Returns with Two Percent (2%) Annual Rent Increases. Five (5) Practicing Veterinarians Provide a Wide Range of Veterinary Medicine Services Including General Wellness Exams, Dental Care, Surgery, Senior Wellness, Parasite Prevention, Exotic Pet Care, Microchipping, Chiropractic Care and more. Within a 5-mile radius of HVC, over 34,000 People Reside, and the Average Household Income Surpasses $113,000. Finally, Hilton, NY is Strategically Located 16 Miles Northwest of Rochester with Access to Major Regional Transportation Corridors.

Investment highlights

  • Tenant "MPH" has over 730 veterinary locations across the U.S.
  • Recently merged with sister co. "SVP" & sold for $8.6 billion
  • Double-net (NN) lease offers minimal landlord obligation
  • Five practicing veterinarians provide a wide range of care
  • Multiple improvements completed, including new HVAC units, generator, and state of the art flooring
  • Lease features 5.6 years remaining with one, 5-year renewal option
  • Pet industry expenditure exceeds $156 billion

Listing Contacts

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

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Additional Information

Name
John Horowitz
License
NY 10311204479
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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