Shillington Pennsylvania Animal Hospital
Shillington Pennsylvania Animal Hospital
- Price: $2,353,400
- Cap Rate: 7.50%
- Year Built: 1970
- Rentable Area: 12,473 SF
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Investment Highlights
- Sales Price: $2,353,400
- Cap Rate: 7.50%
- Years Remaining: 5
- Net Operating Income: $176,503
- Annual Increases: 2.5%
- Lot Size: .50 AC
Contact Broker
Brian Wine
Description
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NN leased, corporate guaranteed, Berks Animal Emergency & Referral Center investment property located in Shillington, PA. The tenant, Pet Partners of Pennsylvania, LLC, has over 5 years remaining in their initial term with 2 (5-year) options to extend. The lease features rare 2.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease has a corporate guarantee from BluePearl Veterinary Partners and is NN with landlord responsibilities limited to roof, structure, unexposed utility lines, and HVAC. Founded in 1996, BluePearl is one of the largest emergency veterinary practices currently operating 90 hospitals in 26 states.
Location
The subject property is strategically located near the signalized, hard corner intersection of W. Lancaster Avenue and Museum Road, averaging a combined 29,200 vehicles passing by daily. The asset benefits from nearby on/off ramp access to U.S. Highway 222 (29,600), a major commuter thoroughfare going through Shillington and the primary route for travelers going to/from Lancaster and Reading. The animal hospital is within walking distance of Shillington Square (150,400 SF) and Shillington Plaza (150,500 SF), two shopping centers that are anchored by Grocery Outlet and Ollie’s Bargain Outlet. Other nearby retail centers include Spring Towne Center (113,100
SF) and Shillington Shopping Center (75,000 SF), significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. The Shillington retail corridor is home to a variety of national/credit tenants including Lowe’s Home Improvement, Giant, Walgreens, Goodwill, Rite Aid, and more, further increasing exposure and crossover synergy for the asset. Additionally, the property is directly across from The Highlands at Wyomissing, a 113-acre continuing care retirement community that contains over 280 units. The 5-mile trade area is supported by a population of more than 175,800 residents and 95,500 employees with
a healthy average household income of $91,400.
