VCA Animal Hospitals, Inc. 21000 Olympian Way
11,888 SF Retail Building Olympia Fields, IL 60461 $6,680,583 ($561.96/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand New BTS Construction
- Long-Term Lease with Annual Rental Increases
- Highly Passive Net Lease
- Strong Parent Credit
- Top MSA with Solid Demographics
- 24/7 Animal Hospital and Surgery Center - Growing Industry
EXECUTIVE SUMMARY
The Property consists of 1.96 acres and a one-story, 11,888-square-foot animal hospital and surgery center that was built-to-suit in 2024 to the exact specifications of the Tenant. Situated adjacent to Olympia Fields Country Club near Interstate 30 (34k VPD) and Olympian Way (7k VPD) just east of the intersection with Interstate 57 (74k VPD), the location is ideal for the Tenant given its access to one of the most densely populated regions of Chicago including over 160,000 residents in a five-mile radius earning an average household income in excess of $96k annually. The Property is also located across from the 211th Street Metra Station. Chicago is the third largest MSA in the U.S. with a population near ten million.
The Tenant is VCA Animal Hospitals, Inc. and it operates a 24-hour-a-day animal hospital and surgery center out of the subject Property, which is a relocation and expansion of an already successful VCA location in Forest South. The Tenant will move into the Property upon completion of construction during the summer of 2024 and just executed a new lease for an initial term of fifteen (15) years expiring August 31, 2039. Annual rent is $400,835 at commencement and rent will increase by two percent (2%) annually throughout the initial term and three (3), five (5) year options.
VCA Animal Hospitals, Inc., a leader in veterinary care, operates a network of over 1,000 animal hospitals across the United States and Canada. The company was acquired by Mars, Incorporated in 2017 for $9.1 billion, and it is now part of Mars Veterinary Health.
In Association With: Isaiah Harf - IL Lic. #471019332
The Tenant is VCA Animal Hospitals, Inc. and it operates a 24-hour-a-day animal hospital and surgery center out of the subject Property, which is a relocation and expansion of an already successful VCA location in Forest South. The Tenant will move into the Property upon completion of construction during the summer of 2024 and just executed a new lease for an initial term of fifteen (15) years expiring August 31, 2039. Annual rent is $400,835 at commencement and rent will increase by two percent (2%) annually throughout the initial term and three (3), five (5) year options.
VCA Animal Hospitals, Inc., a leader in veterinary care, operates a network of over 1,000 animal hospitals across the United States and Canada. The company was acquired by Mars, Incorporated in 2017 for $9.1 billion, and it is now part of Mars Veterinary Health.
In Association With: Isaiah Harf - IL Lic. #471019332
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Build to Suit
Property Type
Retail
Property Subtype
Building Size
11,888 SF
Building Class
B
Year Built
2024
Price
$6,680,583
Price Per SF
$561.96
Cap Rate
6%
NOI
$400,835
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
1.96 AC
Zoning
B-3
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 31-23-200-017-0000 | Improvements Assessment | $0 |
| Land Assessment | $67,525 | Total Assessment | $67,525 |
