Coreland’s Chris Premac comments on latest news and growing shopping center trend of expanding veterinary care.
By Paul Bergeron | August 2, 2022 | As published by GlobeSt.com
Not long ago, the veterinary clinic sector wasn’t on the radar of most net lease investors.
But culturally, Josh Pardue, senior director, Stan Johnson Company, tells GlobeSt.com, “Americans view their pets like family members and won’t hesitate to spend discretionary dollars on their diet, health, general vet visits, and, at times, special lifesaving procedures. There is every expectation that this industry will continue to evolve and grow, and with that should be more investable net lease real estate.”
It wasn’t until Stan Johnson structured a $50-million-plus sale-leaseback portfolio with a leading net lease investor that the market really started taking this industry seriously, Pardue said.
“Since then, the institutionalization of animal healthcare and animal healthcare facilities has been following the same trend of other industries that have historically been fragmented…
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Today’s Pet Owners Have ‘Desire to Spend’
…Chris Premac, senior associate, Coreland Companies, tells GlobeSt.com, “Alongside health and fitness, the veterinary industry is quickly proving to be one of the most viable alternative retail anchors. The industry alone has experienced 4% annual growth during this pandemic era and is an ideal complement to a traditional shopping center tenant lineup.
He said his team’s recent leasing activity includes negotiating a 10-year deal with high-end pet hospital, Pet Rise. The new concept will absorb a 20,000-square-foot anchor space in Laguna Hills, Calif., and expects to draw patients from a 10 to 15-mile radius.
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