Pet Paradise - San Antonio, TX

22811 U.S. 281, San Antonio, TX, 78258, US

Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Pet Paradise (“Company” or “Tenant”) property located at 22811 US-281 in San Antonio, TX. The Tenant is operating an on absolute NNN lease with zero landlord responsibilities and ±15.7-years of remaining lease term.

Pet Paradise, headquartered in Jacksonville, FL, is a leading provider of comprehensive pet care services, operating over 60 resort-style locations across 10 states. With a 22.8% revenue CAGR since its 2016 acquisition by Crane Group, the Company has demonstrated scalability and resilience in the growing pet care industry.

This rare opportunity allows investors the ability to acquire a passive income stream from a nationally-recognized tenant in a recession-resistant industry at an unbelievable location adjacent to some of the highest performing retail shopping centers in the United States.

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Attributes

Asking price

CA$9,409,000

Cap rate

6.9%

NOI

CA$640,000

WAULT

15.7 years

Building area net

1,411 sm

Year built

2021

Media

Investment highlights

Pet Paradise has expanded to 60+ locations and experienced ±23% annual revenue growth since 2016
Long-term, ±15.7-year Absolute NNN lease structure
Located in San Antonio MSA, the 2nd fastest-growing city in the country
Adjacent to The Village at Stone Oak, a top 4% shopping center in the country, with 5M annual visitors
Along the $170M US-281 expansion project, which has driven surrounding retail sales up ~10%
Average household income of $153K within a 3-mile radius
70K+ vehicles per day along the recently-expanded US-281
Next door to a 338-unit apartment complex and 30K SF of new retail strip product