Walker, MI - Lovet Pet Vet

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Lovet Pet Health Care investment property located in Grand Rapids, Michigan. The tenant, Lovet Pet Health Care recently signed a brand new 10 year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.50% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is a NN with limited landlord responsibilities making it an ideal, low management investment opportunity for a passive investor.

The Lovet is located near the signalized, hard corner intersection of State Highway 37 and 4 Mile Road W which combine to average over 59,200 vehicles passing by daily. State Highway 37 is the major retail thoroughfare serving the city of Grand Rapids. The asset is adjacent to Green Ridge Square, a Target and Best Buy anchored center that also features national/credit tenants including Five Below, Burlington, Bath & Body Works, Chipotle, GNC, and rue21. The asset is in close proximity to a Petco anchored center that includes national/credit tenants such as HomeGoods, Ulta Beauty, Cato, QDOBA, and Logan’s Roadhouse. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Sam’s Club, Menards, The Home Depot, Meijer, Kohl’s, Crunch Fitness, Taco Bell, Buffalo Wild Wings, Chick-fil-A, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 150,900 residents with 101,300 employees and an average household income of $90,864.