Description

JLL is pleased to offer the opportunity to acquire Parkway Animal Hospital & Pet Hotel, a single-tenant veterinary hospital located at 739 S Tyndall Pkwy, Panama City, FL (the "Property"). The Property is leased to American Veterinary Group ("AVG") on an Absolute NNN lease expiring July 31, 2033, with annual rent increases of the lesser of 2.0% or 1.25x CPI annually and four, 5-year renewal options.

The Property is a 7,999 SF hospital built in 1983 on a 0.75-acre parcel. It generated $437,668 of site-level EBITDAR, covering the $107,981 annual rent ($13.50 PSF) 4.1x.

AVG operates 150+ veterinary locations across 13 states.

The Property sits along South Tyndall Parkway (U.S. 98, 20K+ VPD), in a retail corridor that includes Walmart Supercenter, Publix and Winn-Dixie. More than 45K residents live within five miles, with average household income above $87K. U.S. pet industry spending reached $158 billion in 2025, up 3.7% (APPA).

This investment offers long-term, hands-off cash flow from a veterinary hospital leased to a private equity-backed operator, with 4.1x EBITDAR coverage and no landlord expenses, in a market anchored by Tyndall Air Force Base.

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Attributes

Asking price

IDR 29,361,082,000

Cap rate

6.65%

Building area net

743 m²

Occupancy

100%

WAULT

6.7 years

Media

Investment Highlights

Veterinary hospital leased to American Veterinary Group (AVG), a 150+ location operator across 13 states
Backed by Oak Hill Capital ($16B+ in capital commitments)
Absolute NNN lease with zero landlord responsibilities
±6.7 years of term remaining, with annual increases of the lesser of 2.0% or 1.25x CPI
4.1x site-level EBITDAR coverage
Frontage on S Tyndall Pkwy (US-98, 20K+ VPD), the gateway to Tyndall AFB
Retail corridor with Walmart Supercenter, Publix and Winn-Dixie
47,006 residents and $87,138 average household income within five miles