Pet Vet Center- Merced, Ca.
3113 Beachwood Dr, Merced, CA 95348
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The property is a large lot with high visibility along Santa Fe Drive, a major 4 lane arterial road with approximate daily traffic in excess of 22k vehicles per day. Although located on Beachwood, the intersection of Beachwood and Santa Fe is a hard signalized corner. The .74 parcel at the hard corner is undeveloped to date and has been owned by an LLC for a significant amount of time.
The tenancy is currently single occupant. The clinic was built as a veterinary clinic by the original owner around 2002. The clinic itself existed prior to moving into this building at that time. The owner subsequently sold to PetVet, a national corporation specializing in pet care, pet nutrition and various subsidiary efforts related to pets. The corporation is primarily owned by the international private equity group KKR.
JAS Capital Ventures closed escrow on this asset on July 25, 2022.
Property Details
Lot Size: +/- 1.6 Acres
Building SF: +/- 8,000 SF
Zoning: M-1 “Light Industrial”
Parking: 25 spaces, 3.13 per 1,000 SF
Ownership: Fee Simple
Description
The tenancy is currently single occupant. The clinic was built as a veterinary clinic by the original owner around 2002. The clinic itself existed prior to moving into this building at that time. The owner subsequently sold to PetVet, a publicly traded company specializing in pet care, pet nutrition and various subsidiary efforts related to pets under the ticker PETQ.
The investment type is investor NNN, in which the owner is responsible for, primarily, capital improvements and property insurance, but all non- Capital repairs and maintenance, property taxes, etc. are the responsibility of the tenant.
The lease began March 1, 2020 and the initial term is for ten (10) years with 3% step increase each year on March 1. The lease is renewable upon the same terms for two (2) consecutive five (5) year terms with three (3) months minimum notice.
A portion of the acreage is unusable at Beachwood frontage for a required flood detention pond. It is not clear if there is future potential of adding access from Santa Fe itself or if the hard corner parcel will be developed and block some visibility coming from the south, however the high visibility along Santa Fe for traffic from North going toward Merced proper is not obscured regardless. The property, should the Veterinary clinic be vacated and subsequent tenants.
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