NVA Summit Veterinary Referral Center - Tacoma, WA
2505 S 80th St, Tacoma, WA 98409
Rentable Bldg Area: 27,199 SF
Land Area: 98,445 SF
Current Cap Rate: 6.50%
Year 2 Cap Rate: 7.53%
BRAND NEW 10-YEAR LEASE RENEWAL
The tenant has shown a long-term commitment to this location
by recently executing a 10-year renewal at market rate medical
INVESTMENT GRADE CREDIT TENANT
NVA is the largest veterinary care company in the US with over 8,000 employees and $2.4B in annual revenue. NVA‘s parent company JAB Holdnings has a Moody‘s ”Baa1” investmentgrade credit rating.
MISSION CRITICAL FACILITY
The Referral Center is utilized for services outside of the scope
of typical veterinary clients. All veterinary clients in Pierce
county refer their patients to this location for specialized care
and surgical operations.
HEDGE AGAINST INFLATION
The Lease features annual rental increases of 3.5% and a
NNN structure that protects an investor from increases in
MINIMAL LANDLORD RESPONSIBILITIES
The NNN lease structure allows an investor to enjoy passive
ownership while the tenant maintains responsibility over
regular operating expenses.
SIGNIFICANT TENANT IMPROVEMENTS
The tenant has invested significantly in the state of the art
medical and surgical buildout of the facility.
STRONG HISTORICAL OCCUPANCY
This property has been occupied by a Veterinary Hospital
since its inception and occupied by NVA for over 10 Years
due to its strategic location and vast tenant improvements.
The Vara Group at Marcus & Millichap is pleased to present the sale offering for the NVA Summit Veterinary Referral Center located in Tacoma, WA. Built in 1999, this 27,199 SF facility features the most extensive animal related emergency services in Pierce County. This single tenant medical office is fully leased to NVA Summit Veterinary Management LLC and is backed by the largest private owner of freestanding veterinary hospitals in the United States, National Veterinary Associates Inc. This newly renewed 10-year, triple-net lease features strong annual rental increases of 3.5%, providing an appealing return, a hedge against inflation, and minimal landlord responsibilities. NVA has invested heavily in the medical buildout of the hospital, demonstrating their long-term commitment to the site.
NVA Summit sits on a generous 1.57-acre lot and includes an ancillary parking lot that provides an additional 58 stalls. The property is located just off I-5, providing great access for employees and customers alike. Tacoma’s growing population rate, combined with over 60% of Washington households owning a pet, positions NVA Summit well for a continuation of strong profit growth within the veterinary services industry.