KeyBank Data Center Sale-Leaseback
US - Solon, OH
105,352 sf
Asset description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in the Pet Medical Center of Pasco, a subsidiary of VetCor, and Blylee’s Natural Pet Food & Supplies, located in Pasco, WA (the “Property” or “Asset”). VetCor of Washington State operates on a long-term double-net lease with 7.4 years remaining and 2% annual rent increases throughout the primary and renewal option periods. Blylee’s will enter into a sale-leaseback agreement at closing with a lease term of 10 years and 2.0% annual rent increases. VetCor of Washington State is a subsidiary of VetCor Holdings, one of the largest private equity-backed veterinary service providers in the nation, with over 800 locations in 40 states. Blylee’s offers leading natural foods and superior grooming services, leading to exceptional site-level performance.
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Attributes
Building area Net
12,041 sf
Year built
2008
Occupancy
100.00%
NOI
$269,000
Media
Investment highlights
- 8.0 years of WALT on a net leases with 2.0% bumps annually
- Pet Medical Center of Pasco has operated at this location since 1978 and was recently purchased by VetCor due to site's strong performance
- The surrounding 3-mile radius has seen 53.3% population growth since 2010 and has a AHHI of $106,437
- Situated in the high-growth Tri-Cities region, with Franklin County's population growing at the fastest rate in Washington state
- The Veterinary Services market has had significant revenue growth of 11.4% since 2019 and is expected to reach $65.6 billion by 2029
Contact brokers
VetCor & Bylee's - Pasco, WA (0 Properties)
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Last updated
Jun 22, 2023
