Investment Overview

Marcus & Millichap has been exclusively selected to market for sale a NNN VCA Animal Hospital located in affluent Covington, WA. VCA, who is owned by Mars, Inc, is one of the largest veterinarian hospitals with over 1,000 locations throughout the United States and Canada with annual revenues exceeding $5.8 billion. VCA currently operates on a NNN lease, with minimal landlord responsibilities and below market rent. VCA recently exercised their final, 5-year option providing a future investor the opportunity to either increase rents to fair market value and extend the lease for 10+ years or owner/occupy the property at the end of VCA’s lease. Redevelopment potential is also feasible, if desired by the new owner. The Property is an out-pad to a high-volume Walmart with over 1.5 million annual visitors (per Placer.ai) and adjacent to SE 272nd St (34,300 + VPD). The Property is the only veterinarian clinic located within Covington and is one of the only nationally branded veterinarian clinics within the immediate trade area. The Property also benefits from strong traffic draw from customers visiting several other successful, large anchor tenants located adjacent to the property, including Kohl’s Department Store, Big Lots, Safeway, Fred Meyer, and Costco. The Covington submarket is affluent, with average household incomes within a 1-mile radius of the Property in excess of $127,000/year with over 17% population growth in the past decade.