West Houston Veterinary Medical Associates
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, West Houston Veterinary Medical Associates investment property located in Houston, Texas. The tenant, Innovetive Petcare, has over 9 years remaining in their initial term with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2.25% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to roof, structure, and parking lot, making it an ideal, low-management investment opportunity for a passive investor. Headquartered in Austin, Texas, Innovetive Petcare owns and operates 21 veterinary practices across six states.
The subject property is strategically located near the signalized, hard corner intersection of Elridge Parkway S and Briar Forest Drive, averaging a combined 62,700 vehicles passing by daily. The property is quipped with a large monument sign, creating excellent visibility along Briar Forest Drive. The site benefits from nearby access to State Highway 5 (81,500 vehicles per day), a thoroughfare that connects directly with Interstate 10 (378,300 vehicles per day), the primary east/west freeway traveling through the Houston MSA. Additionally, the asset is ideally situated adjacent to Parkway Village Shopping Center, a 134,906-square foot neighborhood center anchored by Kroger and Walgreens. Located within an immense retail corridor, the site is nearby to a variety of national/credit tenants including Walmart Supercenter, The Home Depot, Target, Lowe’s Home Improvement, Ross Dress for Less, Walgreens, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the sire. Further, the veterinary office is positioned just 0.5 miles north of Ray Miller Park, a popular scenic attraction with large grass areas perfect for pet owners to walk/run their dogs. Moreover, the asset is surrounded by several apartment complexes including The Dawson (354 units), San Montego (314 units), and Eclipse (330 units), providing a direct residential consumer base from which to draw. The 5-miles trade area is supported by nearly 304,000 residents and 165,000 daytime employees. Residents within 1 mile of the subject property boast an affluent average household income of $114,246.