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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire the fee simple interest in a three-property, veterinary hospital portfolio in New Jersey. The three animal hospitals are located in Egg Harbor Township, Hammonton and Seaville, NJ. Each location is leased to National Veterinary Associates (NVA), the largest private owner of freestanding veterinary hospitals in the world. The tenant recently acquired the practices in 2018 and now has five years remaining on all three leases with annual rental escalations. The increases will continue in the two, five-year options that remain. All of the leases are corporately guaranteed by NVA.
- All three veterinary locations have longstanding operating histories and are now leased to National Veterinary Associates, which is the largest private owner of freestanding veterinary hospitals. NVA owns more than 1,000 veterinary hospitals and pet resorts in the United States, Canada, Australia, New Zealand and Singapore.
- The veterinary practice is an essential retailer and pandemic-proof concept that has seen increased investor demand, especially since the onset of the COVID-19 pandemic. According to VetSuccess, the veterinary industry has performed extremely well from March-August 2020 – revenues increased 5.8% over the prior year. Further, pet spending is expected to hit $99B in 2020 (APPA).
- In 2019, NVA was sold to JAB Investors. JAB acquired the leading independent veterinary practice due to the company’s core objectives and proven track record, and to assist in the company’s growth on a global platform.
- All three locations have excellent accessibility and are located along or in proximity to heavily-traveled arteries – Black Horse Pike (32,000 VPD), S White Horse Pike (15,000 VPD) and NJ 50 (9,000 VPD) – enabling each practice to maximize their consumer base.
- The Hammonton, NJ asset is receiving an additional $8,314 (the average of 2019 & 2020) in rent from an independent groomer, which is not included in the NOI and could be an additional source of income for a new owner.