Miscellaneous

PetSuites New Construction Corp Guaranty by NVA (Birmingham MSA)

2311 John Hawkins Pkwy, Birmingham, AL 35244

Listing Price: $5,158,000

Cap Rate
6.00%
Tenant Name
Pet Suites of America,LLC
Years Remaining On Lease
19.9
Guarantor
Corporate Guarantee
Rentable SF
14,240
Lease Type
Absolute Net
Rent Per Square Feet
$21.73

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in new, build-to-suit, PetSuites absolute net lease investment located at 2311 John Hawkins Parkway, Hoover, Alabama 35244 (the “Property”). Built in 2020, and expected to deliver by December, the Property comprises a +/- 14,240 SF building on a highly visible +/- 1.95-acre parcel, that is strategically positioned to be easy to access for 37,000 vehicles per day at John Hawkins Parkway, surrounded by residential and commercial development. The Property benefits from it’s highly visible location with easy accessibility, and convenient retail location in a strong commercial area. Hoover is the fastest growing suburb of Birmingham, Alabama, and is known for its many golf courses, as well as the Riverchase Galleria. Hoover has a population of 85,000 people, average household income within one mile of subject is over $140,000 with over 1,590 households and 4,417 people. The building is 100 percent occupied by PetSuites with over 70+ national locations, owned by National Veterinary Associates, Inc, an entity with over 500 locations, and owned by JAB Holdings Co. The lease will start once the tenant opens, expected December 2020, subject to a 20-year lease term and CPI rental increases every five years and in the five, five year options. PetSuites of America, a growing national pet resort, spa, and daycare chain, specializes in the boarding and grooming of dogs and cats. They currently have 70 locations in the United States, which include sites in Florida, Georgia, Indiana, Kentucky, Louisiana, North Carolina, Ohio, South Carolina, Texas, and Virginia. PetSuites has spent over 15 years developing and perfecting an enriching and healthy environment for beloved family pets. In June 2019 JAB Holding Co. agreed to buy a majority stake in NVA. JAB Holding Co. is owned by the Reimann family, one of the wealthiest in the world, according to Forbes. The company has a controlling interest in several companies such as Panera Bread, Krispy Kreme, Caribou Coffee, Dr. Pepper, Snapple, and many others.

Investment Highlights

  • No Landlord Responsibilities - Absolute NNN Lease
  • Subject is Currently Under Construction, Proposed to be 14,240-Square-Feet of Gross Leasable Area on a 1.95-Acre Lot, with Rent Commencement Projected December 2020
  • Tenant PetSuites of America is Owned by National Veterinary Associates, Inc., NVA Was Purchased in 2019 by JAB Holding Co.

Broker of Record

  • Eddie Greenhalgh

    First Vice President Investments

    License(s): AL: 0000882980

    Alabama

Miscellaneous

PetSuites New Construction Corp Guaranty by NVA (Birmingham MSA)

Listing Price: $5,158,000

Cap Rate
6.00%
Tenant Name
Pet Suites of America,LLC
Years Remaining On Lease
19.9
Guarantor
Corporate Guarantee
Rentable SF
14,240
Lease Type
Absolute Net
Rent Per Square Feet
$21.73

Investment Highlights

  • No Landlord Responsibilities - Absolute NNN Lease
  • Subject is Currently Under Construction, Proposed to be 14,240-Square-Feet of Gross Leasable Area on a 1.95-Acre Lot, with Rent Commencement Projected December 2020
  • Tenant PetSuites of America is Owned by National Veterinary Associates, Inc., NVA Was Purchased in 2019 by JAB Holding Co.

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in new, build-to-suit, PetSuites absolute net lease investment located at 2311 John Hawkins Parkway, Hoover, Alabama 35244 (the “Property”). Built in 2020, and expected to deliver by December, the Property comprises a +/- 14,240 SF building on a highly visible +/- 1.95-acre parcel, that is strategically positioned to be easy to access for 37,000 vehicles per day at John Hawkins Parkway, surrounded by residential and commercial development. The Property benefits from it’s highly visible location with easy accessibility, and convenient retail location in a strong commercial area. Hoover is the fastest growing suburb of Birmingham, Alabama, and is known for its many golf courses, as well as the Riverchase Galleria. Hoover has a population of 85,000 people, average household income within one mile of subject is over $140,000 with over 1,590 households and 4,417 people. The building is 100 percent occupied by PetSuites with over 70+ national locations, owned by National Veterinary Associates, Inc, an entity with over 500 locations, and owned by JAB Holdings Co. The lease will start once the tenant opens, expected December 2020, subject to a 20-year lease term and CPI rental increases every five years and in the five, five year options. PetSuites of America, a growing national pet resort, spa, and daycare chain, specializes in the boarding and grooming of dogs and cats. They currently have 70 locations in the United States, which include sites in Florida, Georgia, Indiana, Kentucky, Louisiana, North Carolina, Ohio, South Carolina, Texas, and Virginia. PetSuites has spent over 15 years developing and perfecting an enriching and healthy environment for beloved family pets. In June 2019 JAB Holding Co. agreed to buy a majority stake in NVA. JAB Holding Co. is owned by the Reimann family, one of the wealthiest in the world, according to Forbes. The company has a controlling interest in several companies such as Panera Bread, Krispy Kreme, Caribou Coffee, Dr. Pepper, Snapple, and many others.

Broker of Record

  • Eddie Greenhalgh

    First Vice President Investments

    License(s): AL: 0000882980

    Alabama

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