INVESTMENT HIGHLIGHTS
EARLY 5-YEAR LEASE EXTENSION/ ESTABLISHED HISTORICAL OCCUPANCY
VCA has operated at this location for nearly 25 years and recently extended their lease term by another 5 years with a roughly 21% increase in rent, showing strong commitment to the location.
STRONG CREDIT RATING/CORPORATE GUARANTEE
The Lease is guaranteed by VCA Inc. which has annual revenues of $5.8+ billion. VCA operates over 1,000 locations throughout the United States and Canada, and is the largest pet health care provider in the nation.
OUTPAD TO HIGH-VOLUME WALMART
The Property benefits from strong traffic draw from consumers visiting multiple successful, large anchor tenants adjacent to the Property, including Walmart, Kohl’s Department Store, Big Lots, Safeway, Fred Meyer, and Costco.
ZERO ANIMAL CARE COMPETITION
The Property is the only veterinarian clinic located within Covington and is one of the only nationally branded veterinarian clinics within the immediate trade area.
PET OWNERSHIP IN THE U.S. EXPERIENCING STEADY GROWTH
According to a recent study by Forbes, Americans spent $136.8 billion on their pets during 2022, up 10.68% from 2021 ($123.6 billion). Currently, 66% of U.S. households (86.9 million homes) own a pet.
Source: https://www.forbes.com/advisor/pet-insurance/pet-ownership-statistics/.
MINIMAL LANDLORD RESPONSIBILITIES
VCA has no additional options to renew providing a future owner with the opportunity to sign a new, long-term lease with VCA, owner-occupy the building or redevelop the Property once the remaining lease term expires.
FUTURE DEVELOPMENT UPSIDE
VCA has no additional options to renew providing a future owner with the opportunity to sign a new, long-term lease with VCA, owner-occupy the building or redevelop the Property once the remaining lease term expires.
AFFLUENT DEMOGRAPHICS
The average household income within a 1-mile radius of the Property is in excess of $127,000.
LOCATED IN HIGH-GROWTH SUB-MARKET
The Property is located in the rapidly growing Covington, WA sub-market which has grown by over 17% in the last decade within a 1-mile radius.
INCOME TAX FREE STATE
Washington State is income tax-free state.
Listing Agents:
CLAYTON J. BROWN
