Banfield Pet Hospital 1532 Gause Blvd

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, Banfield Pet Hospital investment property located in Slidell, Louisiana. The tenant, Banfield Pet Hospital, has over 6 years remaining with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with landlord responsibilities limited to roof and structure making it an ideal, low-management investment opportunity for a passive investor. Banfield Pet Hospital was founded in Portland, Ore. in 1955 and today is a pioneer in preventive veterinary care with more than 1,000 general veterinary hospitals in 42 states.
The subject property is located at the signalized intersection of Gause Blvd, which averages 24,500 VPD. The site benefits from nearby direct on/off ramp access to Interstate 10, a major thoroughfare connection the west coast to the east coast, that averages 56,700 vehicles passing by daily. The asset is directly across the street from Midtown Square Shopping Center (150,000+ SF), which is anchored by Hobby Lobby, Office Depot, Harbor Freight, and more. The site is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Lowe’s, Walmart Supercenter, Home Depot, CVS, Walgreens, and many more. Furthermore, the subject property is in close proximity to Slidell Memorial Hospital (223 beds), further increasing consumer traffic to the immediate trade area. The 5-mile trade area is supported by a population of over 86,000 residents and 35,000 daytime employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius of the subject property boast an affluent average household income of $103,906.