Northeast Animal Clinic - Kokomo, IN

JLL is pleased to exclusively offer for sale the fee-simple interest in a long-term leased Northeast Animal Clinic (“NAC” or the “Tenant”) located at 1605 E. North St, Kokomo, IN 46901 (the “Property” or the “Asset”). The Tenant is backed by O’Brien Veterinary Management, a leading veterinary operator with a network of over 25 clinics nationwide. Serving Kokomo for over 40 years, Northeast Animal Clinic has helped over 40,000 pets. In 2022, the Property received $400K in investment throughout the building, including in the surgery, x-ray, treatment, and grooming areas.

Kokomo, IN was selected by Stellantis and Samsung SDI for two gigafactories for battery and electric vehicle production. These two sites will total over $6.3 billion in total investment and are projected to create 2,800 new jobs for the area.

The property operates on net leases with 8.0 years of remaining term with annual rent growth of 2.50%, creating a strong hedge against inflation. In addition to the base rent, there is a “TI Rent Recapture” from the aforementioned $400K investment, which provides the opportunity to capture $42,025 of additional rent. This offering does not currently include the additional rent recapture, and the pricing guidance only includes the base rent; however, investors have the opportunity to acquire the additional stream of cash flow as well for a higher price. Call brokers to discuss.