Listed by Sands Investment Group
$2,626,087
Banfield - Gainesville, FL
Details
Property Type Office
Sub Type Medical Office
Square Footage 5,454
Cap Rate 5.75%
NOI $151,000
Occupancy 100%
Tenancy Single
Brand/Tenant Banfield Pet Hospital
Lease Type NNN
Lease Term 15
Lease Expiration 06/30/2034
Remaining Term 8
Rent Bumps Yes
Lease Options 3 x 5 Year Options
Price per SqFt $482
Year Built 1991
Acreage 1.160
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 07/01/2019
Ground Lease No
Banfield Pet Hospital | 1,000+ Locations | Corporate Guaranty | Early Lease Extension | Top Vet Oper
Marketing description
Sands Investment Group is pleased to exclusively offer for sale this 5,454 SF free-standing medical office building occupied by Banfield Pet Hospital, located at 4209 NW 37th Place in Gainesville, FL. This opportunity includes a corporate lease with Medical Management International, Inc., having 1,000+ locations across the U.S., Mexico, and Puerto Rico.
Investment highlights
- Best-In-Class Operator: Banfield Pet Hospital, a wholly owned subsidiary of Mars, Inc., is the 2nd largest veterinary hospital in the country, boasting over 1,000 locations.
- Corporate Signature: The lease is signed by Banfield’s top-line entity (Medical Management International, Inc.), providing a guarantee of over 1,000 units.
- Early Lease Extension: Banfield Pet Hospital recently executed an early 5-year extension, bumping the lease term to 8+ years, underscoring its long-term commitment to the site and the location’s strong operating performance within the brand.
- Attractive Rent Growth and Long-Term Lease Structure: The lease features 10% rental increases every five years, along with three additional five-year renewal options, providing investors with long-term, stable cash flow and built-in rent growth over the hold period.
- University of Florida-Anchored Economy: Gainesville is home to the University of Florida, a top-tier public university and major economic driver, supporting a large, stable employment base and consistent demand for medical and service-oriented real estate.
- Population Growth Supporting Tenant Demand: Continued population growth driven by the University of Florida, healthcare employment, and in-migration supports long-term demand for essential services, reinforcing the stability of net lease investments in the market.
Listing Contacts
Listed by Sands Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$151,000.00
$12,583.33/mo
Valuation Metrics
0
DSCR
5.75%
Cap Rate
5.75%
ROI
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Zoning
PD PlannedPlanned Development
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