Springfield Animal Hospital
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, VetCor veterinary hospital investment property located in Springfield, OH. The tenant, VetCor of Canterbury LLC dba Springfield Animal Hospital, currently has approximately 2 years left in their initial lease term with 3 (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 is NN with limited landlord responsibilities, providing an ideal, low-management investment property for a passive investor. VetCor, or Veterinary Care Network, was founded in 1997 and has since become a network of more than 370 veterinary practices from coast to coast. The asset is considered an essential business and has been open and operational throughout the Covid-19 pandemic.
The subject property is strategically located near the signalized, hard corner intersection of N. Limestone Street and W. Home Road, averaging a combined 31,000 vehicles passing by daily. The facility benefits from crossover store exposure with nearby national/credit tenants including Walmart Supercenter, The Home Depot, Meijer, Lowe’s, Planet Fitness, Kohl’s, and more. Strong retail presence also significantly increases consumer draw to the trade area. Moreover, the site is just 1 mile north of the Mercy Health North Family Medicine center and Wittenburg University (1,900 students). The 5-mile trade area is supported by more than 85,500 residents and 40,500 daytime employees. Residents within 1 mile of the subject property boast a healthy average household income of $81,600.