Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee simple interest in the newly-constructed PetSuites at 5116 Denali Park Dr, Herriman, UT 84096 (the “Property”) in the thriving Salt Lake City MSA. This 10,953 square foot facility on 1.2 acres has been purpose-built for PetSuites of America (“Tenant” or “PetSuites”) to operate a new, premiere pet resort facility with boarding, daycare, grooming and training services. Opening mid-November 2023, the Property is subject to a fresh 20-year primary term, absolute net lease with 10% rental increases every 5-years.
A market leader for more than 20 years, PetSuites operates over 80 pet hotel and resort locations across 23 states. The facilities provide full canine and feline services including daycare, overnight and extended stay boarding, full service grooming and training. The pet services industry is recession-proof and thriving as pet owners continue to humanize their pets and invest in their well-being.
The Tenant is a wholly-owned subsidiary of National Veterinary Associates (“Guarantor” or “NVA”). NVA is a global leading veterinary organization that owns ~145 world-class veterinary hospitals as well as ~1,400 general practice veterinary hospitals, equine hospitals and pet resorts.
The Property is well located in Herriman, UT – an affluent southwest suburb of Salt Lake City that has experienced tremendous population growth over the past decade attracting many families and young professionals. The Property is within a 15-minute drive of more than 393,000 residents.
- NEWLY-CONSTRUCTED, PURPOSE-BUILT FACILITY FOR GROWING NATIONAL TENANT
- CORPORATE GUARANTY FROM INDUSTRY LEADER (NVA)
- OPTIMAL ABSOLUTE NET LEASE WITH CONTRACTUAL RENT INCREASES
- WELL-LOCATED REAL ESTATE IN A VERY STRONG SUBMARKET OF SALT LAKE CITY
- EXPOSURE TO RECESSION-RESISTANT PET CARE INDUSTRY