Salt Lake City MSA
Bountiful, Utah

Salt Lake City MSA

Investment Highlights

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Description

The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, corporate guaranteed, Animal Medical Clinic investment property located in Bountiful, Utah (Salt Lake City MSA). The tenant, Pathway Partners Vet Management LLC, has 2 years remaining in their initial term with 4 (5-year) options to extend. The lease features rare 2% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease has a corporate guarantee from Pathway Vet Alliance and is NNN with landlord responsibilities limited to roof and structure. Pathway Vet Alliance currently operates over 390 locations in 37 states with a growing network of veterinary professionals.

Location

The subject property is strategically located along U.S. Highway 89, a retail and commuter thoroughfare averaging 18,000 vehicles passing by daily. The site is equipped with a large pylon sign, creating excellent visibility along U.S. Highway 89. The asset benefits from nearby direct on/off ramp access to Interstate 15 (168,000), the primary north/ south thoroughfare traveling directly into Downtown Salt Lake City and serving as a gateway to major markets throughout the Southwest. The animal hospital is positioned directly across from Costco Wholesale and Lowe’s Home Improvement, significantly increasing consumer draw to the immediate trade area and promoting crossover traffic to the site. Other nearby national/credit tenants include At Home, Office Depot, Smith’s Food & Drug, Walgreens, Michaels, T.J. Maxx, and more. The subject property is ideally located in the heart of the Bountiful retail corridor and is within close proximity to multiple shopping centers including Gateway Crossing (310,000 SF) and The Commons at West Bountiful (338,000 SF), further increasing exposure and crossover synergy for the asset. Moreover, the site is nearby several apartment complexes including Springwood Apartments (144 units), The Park Apartment Homes (138 units), and Millstream Garden (44 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by a population of more than 104,600 residents and 35,000 employees with an affluent average household income of $105,000.

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