Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, Crawford Dog and Cat Hospital investment property located in Garden City Park, New York. The tenant, Medical Management International, Inc., has approximately 9 years remaining in their initial term with 3 (5-year) options to extend. The lease features 2% annual rental increases throughout the initial term, steadily growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN with landlord responsibilities limited to roof and structure, making it an ideal, low-management investment opportunity for a passive investor. Banfield is the largest privately owned veterinary practice in the United States, operating more than 1,000 clinics in the U.S., Mexico, and the United Kingdom.

The subject property is strategically located along Jericho Turnpike, a major retail and commuter thoroughfare averaging 32,000 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and prominent signage across the building’s facade. Located within a major retail corridor, the asset is surrounded by several national/credit tenants including Burlington, Petco, Walgreens, Staples, CVS Pharmacy, LA Fitness, McDonald’s, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the vet hospital is situated less than 1 mile from Michael J. Tully Park and Tully Dog Park, two popular community parks with large amounts of grass area for pet-owners to walk/run with their dogs. The 5-mile trade area is supported by more than 614,000 residents and 295,000 daytime employees. Residents within 1 mile of the subject property boast an affluent average household income of $173,000.

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