US - Lubbock, TX
IDR 152,544,833,000 | 6,548 m²
JLL is pleased to offer the fee simple interest in a recently leased, single tenant CareVet Veterinarian Hospital (“CareVet” or the “Tenant”) located in West Branch, MI, the principal city of Ogemaw County. CareVet is a leading operator of 150+ independent animal hospitals across 35 states with more than 2,300 employees. For the past 47 years, the Tenant has successfully offered a wide array of veterinarian services to the West Branch community and affirmed its long-term commitment with a new 10-year lease.
Recently retrofitted for the Tenant with a rent commencement in December 2022, CareVet is operating on a new long-term net lease with 9.6 years of primary term remaining, 2.0% rent increases annually, and limited landlord responsibilities. The asset is located on a 2.4-acre site with ease of access to over 20,500 residents across the county.
This opportunity epitomizes an essential healthcare asset offering secure, long-term cash flow backed by an established veterinarian hospital operator.
ESTABLISHED VETERINARIAN OPERATOR WITH LIMITED LOCAL COMPETITION
RAPIDLY GROWING VETERINARIAN SERVICES INDUSTRY
PREMIER PRIVATE EQUITY SPONSOR WITH A TALENTED MANAGEMENT TEAM
OPTIMAL LONG-TERM NET LEASE WITH LIMITED LANDLORD RESPONSIBILITIES