Press Releases
Marcus & Millichap Arranges Sale of Veterinary Office Property Portfolio in Minnesota
February 06, 2025
MANKATO, Minn., Feb. 6, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two single-tenant animal hospital properties in New Ulm and Mankato, Minnesota. The properties collectively sold for $2,805,000.
“The portfolio was pursued by a mix of local and national investors,” said William Skoch, associate. “The sellers collectively accepted an offer from a vet specific real estate investment trust that beat out other potential purchasers by offering a flexible deal structure for each individual owner.”
Skoch and Christopher Mitchel, veterinary real estate investment specialists in Marcus & Millichap’s Cleveland office, had the exclusive listing to market the property on behalf of the seller—a group of six veterinarians who owned the buildings for more than 27 combined years—and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide. Jon Ruzicka is Marcus & Millichap’s broker of record in Minnesota.
The portfolio includes New Ulm Regional Vet Center at 401 20th St. S. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato property was built in 2017. Both properties are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide.
“The portfolio was pursued by a mix of local and national investors,” said William Skoch, associate. “The sellers collectively accepted an offer from a vet specific real estate investment trust that beat out other potential purchasers by offering a flexible deal structure for each individual owner.”
Skoch and Christopher Mitchel, veterinary real estate investment specialists in Marcus & Millichap’s Cleveland office, had the exclusive listing to market the property on behalf of the seller—a group of six veterinarians who owned the buildings for more than 27 combined years—and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide. Jon Ruzicka is Marcus & Millichap’s broker of record in Minnesota.
The portfolio includes New Ulm Regional Vet Center at 401 20th St. S. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato property was built in 2017. Both properties are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
