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Single-Tenant Office Medical

Pet Paradise - Middleburg

1611 Isaac Way, Middleburg, FL 32068

Listing Price: $6,250,000

Cap Rate
6.40%
Tenant Name
Pet Paradise
Years Remaining On Lease
18.8
Gross SF
14,404
Guarantor
Corporate Guarantee
Rentable SF
14,404
Price/Gross SF
$433.91
Lease Type
Absolute Net
Rent Per Square Feet
$27.77

Investment Overview

We are pleased to offer for sale the fee simple interest in a freestanding, single-tenant full service pet resort and veterinary clinic containing Pet Paradise (the “Property” or “Asset”) located in Middleburg, Florida, a southern suburb of Jacksonville. Pet Paradise is a leader in pet industry, with interests in multiple business lines, including grooming, boarding and vet services. This location houses one of its larger build to suit facilities, and features a long term lease with an absolute triple net structure, with up to 2.0% increases annually over the term. The Property is positioned right off the recently completed First Coast Expressway (Florida State Road 23) and shadow anchored by within a main commercial hub containing Home Depot, Lowe’s, and Walmart. There are over 30,000 households within 5 miles of the Asset and population growth is expected to exceed 2% annually over the next five years. This offering presents the rare opportunity to acquire a stabilized pet resort asset with a completely passive ownership structure for over 18 years and outstanding security in the value of the underlying real estate.

Investment Highlights

  • The Asset is well located in Middleburg, a fast growing Jacksonville suburb with significant nearby development underway, and has limited full service competition within the immediate trade area
  • Pet Paradise's headquarters is located in Jacksonville, and this location is one of six locations within the MSA, signifying there knowledge and dominance in the marketplace
  • Strategic Suburban location, with household spending of over $5,000 annually towards entertainment spending such as pets and other related hobbies
  • The Facility is mission critical to the tenant's business, and offers essential services like veterinary services
  • The Asset is subject to an ideal absolute triple net lease with just over 18 years remaining and up to 2.0% annual increases, allowing for a completely passive investment structure with income appreciation consistently over the primary term
  • The Jacksonville region is located atop America's third largest state and central to the booming southeast, naturally situated for continuous growth
  • Florida has zero state income tax

Exclusively Listed By

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00, NE: 20170674

    Phoenix

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Single-Tenant Office Medical

Pet Paradise - Middleburg

Listing Price: $6,250,000

Cap Rate
6.40%
Tenant Name
Pet Paradise
Years Remaining On Lease
18.8
Gross SF
14,404
Guarantor
Corporate Guarantee
Rentable SF
14,404
Price/Gross SF
$433.91
Lease Type
Absolute Net
Rent Per Square Feet
$27.77

Investment Highlights

  • The Asset is well located in Middleburg, a fast growing Jacksonville suburb with significant nearby development underway, and has limited full service competition within the immediate trade area
  • Pet Paradise's headquarters is located in Jacksonville, and this location is one of six locations within the MSA, signifying there knowledge and dominance in the marketplace
  • Strategic Suburban location, with household spending of over $5,000 annually towards entertainment spending such as pets and other related hobbies
  • The Facility is mission critical to the tenant's business, and offers essential services like veterinary services
  • The Asset is subject to an ideal absolute triple net lease with just over 18 years remaining and up to 2.0% annual increases, allowing for a completely passive investment structure with income appreciation consistently over the primary term
  • The Jacksonville region is located atop America's third largest state and central to the booming southeast, naturally situated for continuous growth
  • Florida has zero state income tax

Investment Overview

We are pleased to offer for sale the fee simple interest in a freestanding, single-tenant full service pet resort and veterinary clinic containing Pet Paradise (the “Property” or “Asset”) located in Middleburg, Florida, a southern suburb of Jacksonville. Pet Paradise is a leader in pet industry, with interests in multiple business lines, including grooming, boarding and vet services. This location houses one of its larger build to suit facilities, and features a long term lease with an absolute triple net structure, with up to 2.0% increases annually over the term. The Property is positioned right off the recently completed First Coast Expressway (Florida State Road 23) and shadow anchored by within a main commercial hub containing Home Depot, Lowe’s, and Walmart. There are over 30,000 households within 5 miles of the Asset and population growth is expected to exceed 2% annually over the next five years. This offering presents the rare opportunity to acquire a stabilized pet resort asset with a completely passive ownership structure for over 18 years and outstanding security in the value of the underlying real estate.

Exclusively Listed By

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00, NE: 20170674

    Phoenix

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

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