Investment Overview

Marcus & Millichap is pleased to present the Great Lakes Equine Wellness Center, located Hortonville, Wisconsin (Appleton MSA). The single tenant, state-of-the-art equine hospital is 100 percent leased to the National Veterinary Service Provider, PetVet Care Centers (formerly MAVANA). PetVet has Practiced in Hortonville since 2020, and recently executed a fresh 10-year lease which features 9.79 years remaining and an additional two, five-year renewal options. Since COVID-19, studies show over 23 million American households got pets. Veterinary practices were deemed essential through the pandemic and continue to grow as safe and secure investments. The Equine industry alone attracts the world’s highest net-worth individuals which brings over $122 billion to the U.S. economy. Horses are among the most important animals in history – sports, pleasure, agriculturally and more. PetVet was founded in 2012, and currently has more than 420 general practice, equine, specialty/referral/emergency veterinary locations across the United States. PetVet Care Centers is owned by institutional private equity group KKR, a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. With almost 50 years of private equity experience, KKR has invested in over 123 companies and currently has $774 billion of assets under management. KKR is projected to reach over $1 trillion assets under management by 2030. Seven practicing veterinarians provide a wide range large animal services, including diagnostics, reproduction, internal medicine, critical care, surgery, regenerative therapy, non-surgical colic care and more. The Equine Hospital was developed in 2009 and stands at nearly 10,000 square feet, offering investors minimal landlord obligations under the double-net (NN) lease structure. Additionally, the corporate guaranteed lease yields stable returns via the 2 percent annual rent bumps. Since inception, the Great Lakes Equine Wellness Center has continued to grow and increase year-over-year revenues, yielding a healthy long term operation with minimal nearby competition.