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7/15/20
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A SoCal-based private investor paid $9.182 mil for a single-tenant, 23.8k sf ($386/sf) property occupied by VCA Animal Hospital in the OC city of Fountain Valley. VCA recently extended its lease for an additional 10 years and this location is one of VCA’s five flagship hospitals for its brand.
The deal closed at a cap rate 4.75%, marking what we’ve been told is the lowest cap rate ever for a VCA-occupied property nationwide as well as the lowest cap rate ever for a single-tenant net leased veterinary hospital in California, per CoStar records.
The property is situated on 2.14 acres at 18300 Euclid St, on a major thoroughfare just off I-405. It was built in 1969 and renovated by the tenant in 2017 with $6 mil in major building renovations.
Matthew Mousavi, Patrick Luther and Rich Walter with SRS National Net Lease Group represented the buyer and the seller, an Orange County-based family trust.
“This VCA-occupied asset represented one of the highest quality net lease offerings on market in Southern California over the past few months,” said Mousavi. “Backed by the largest veterinarian hospital operator in North America, the property offered stellar credit, being both COVID and internet resistant, as well as irreplaceable real estate along the 405 freeway, the highest trafficked interstate in Southern California.”
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