Miscellaneous

PetSuites New Construction Corp Guaranty by NVA (Novi MI - High Income Area)

45237 Grand River Ave, Novi, MI 48375

Listing Price: $4,473,000

Cap Rate
6.00%
Tenant Name
PetSuites
Years Remaining On Lease
19.9
Guarantor
Corporate Guarantee
Rentable SF
10,980
Lease Type
Absolute Net
Rent Per Square Feet
$24.44

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 47025 Grand River Avenue, Novi, Michigan 48374 (the “Property”). Built in 2020, and expected to deliver by December, the Property comprises a +/- 10,980 SF building on a highly visible +/- 2.48-acre parcel, that is strategically positioned to be easy to access for 45,300 vehicles per day at the intersection of Beck Road and Grand River Avenue, 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. Novi is a growing suburb of Detroit, Michigan, and is located on Walled Lake, known for area arts and culture, access to professional sports, and low cost of living. Novi has a population of 61,000 people, average household income within one mile of the subject is over $181,120 with over 600 households and 1,590 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

  • Subject is Currently Under Construction, Proposed to be 10,980-Square-Feet of Gross Leasable Area on a 2.48-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. | JAB Holding Has a Credit Rating of A- by S&P
  • Absolute NNN Lease with 20 Years Base Term and CPI Increases | Zero Landlord Responsiblity

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

Miscellaneous

PetSuites New Construction Corp Guaranty by NVA (Novi MI - High Income Area)

Listing Price: $4,473,000

Cap Rate
6.00%
Tenant Name
PetSuites
Years Remaining On Lease
19.9
Guarantor
Corporate Guarantee
Rentable SF
10,980
Lease Type
Absolute Net
Rent Per Square Feet
$24.44

Investment Highlights

  • Subject is Currently Under Construction, Proposed to be 10,980-Square-Feet of Gross Leasable Area on a 2.48-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. | JAB Holding Has a Credit Rating of A- by S&P
  • Absolute NNN Lease with 20 Years Base Term and CPI Increases | Zero Landlord Responsiblity

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 47025 Grand River Avenue, Novi, Michigan 48374 (the “Property”). Built in 2020, and expected to deliver by December, the Property comprises a +/- 10,980 SF building on a highly visible +/- 2.48-acre parcel, that is strategically positioned to be easy to access for 45,300 vehicles per day at the intersection of Beck Road and Grand River Avenue, 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. Novi is a growing suburb of Detroit, Michigan, and is located on Walled Lake, known for area arts and culture, access to professional sports, and low cost of living. Novi has a population of 61,000 people, average household income within one mile of the subject is over $181,120 with over 600 households and 1,590 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.

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

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