Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, Eastgate Animal Hospital investment property located in Cincinnati, Ohio. The tenant, PetVet Care Centers (Ohio), LLC, recently signed a brand new 10-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2.75% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is NN with landlord responsibilities limited to roof, structure, utility lines, and fire & extended casualty coverage insurance. With more than 260 general, specialty and emergency hospitals, PetVet Care Centers is a nationwide veterinary network with a solid commitment to pets and their owner in every community they serve.

Eastgate Animal Hospital is strategically located along State Highway 32, a major commuter thoroughfare averaging 21,400 vehicles passing by daily. The site benefits from its close proximity to the cloverleaf interchange of Interstate 275 (71,900 VPD) and State Highway 32, two heavily trafficked highways traveling through the Cincinnati MSA. The asset is ideally situated in the heart of a dense neighborhood and is nearby to Clepper Park, a popular community park with a large grass area perfect for pet-owners to walk/run their dogs. In addition, Eastgate Animal Hospital is within close proximity to a variety of national/credit tenants including Walmart Supercenter, Sam’s Club, Kohl’s, Michaels, Marshalls, OfficeMax, Big Lots, and more, increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. The 5-mile trade area is supported by more than 121,000 residents and 52,000 daytime employees. Residents within 3 miles of the subject property boast an affluent average household income of $107,000.

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