OFFERING MEMORANDUM - NNN Properties
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Trinity Oaks Pet Wellness Center
BRAND NEW 20-YEAR TRIPLE NET (NNN) SALE LEASEBACK
OFFERING
MEMORANDUM 10003 Trinity Boulevard,
Trinity, FL 34655
Confidentiality and Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of Net including the likelihood of locating a replacement tenant if the current indicate or imply affiliation with, or sponsorship or endorsement by,
Leased property as follows: tenant should default or abandon the property, and the lease terms said corporation of M&M, its affiliates or subsidiaries, or any agent,
that Buyer may be able to negotiate with a potential replacement product, service, or commercial listing of M&M, and is solely included
The information contained in this Marketing Brochure has been tenant considering the location of the property, and Buyer’s legal for the purpose of providing tenant lessee information about this
obtained from sources we believe to be reliable. However, Marcus & ability to make alternate use of the property. listing to prospective customers.
Millichap has not and will not verify any of this information, nor has
Marcus & Millichap conducted any investigation regarding these By accepting this Marketing Brochure you agree to release Marcus & ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
matters. Marcus & Millichap makes no guarantee, warranty or Millichap Real Estate Investment Services and hold it harmless from PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR
representation whatsoever about the accuracy or completeness of any kind of claim, cost, expense, or liability arising out of your MORE DETAILS.
any information provided. investigation and/or purchase of this net leased property.
SPECIAL COVID-19 NOTICE
As the Buyer of a net leased property, it is the Buyer’s responsibility CONFIDENTIALITY AND DISCLAIMER
to independently confirm the accuracy and completeness of all All potential buyers are strongly advised to take advantage of their
material information before completing any purchase. This Marketing The information contained in the following Marketing Brochure is opportunities and obligations to conduct thorough due diligence and
Brochure is not a substitute for your thorough due diligence proprietary and strictly confidential. It is intended to be reviewed only seek expert opinions as they may deem necessary, especially given
investigation of this investment opportunity. Marcus & Millichap by the party receiving it from Marcus & Millichap Real Estate the unpredictable changes resulting from the continuing COVID-19
expressly denies any obligation to conduct a due diligence Investment Services of Florida, Inc. (“Marcus & Millichap”) and should pandemic. Marcus & Millichap has not been retained to perform, and
examination of this Property for Buyer. not be made available to any other person or entity without the written cannot conduct, due diligence on behalf of any prospective purchaser.
consent of Marcus & Millichap. This Marketing Brochure has been Marcus & Millichap’s principal expertise is in marketing investment
Any projections, opinions, assumptions or estimates used in this prepared to provide summary, unverified information to prospective properties and acting as intermediaries between buyers and sellers.
Marketing Brochure are for example only and do not represent the purchasers, and to establish only a preliminary level of interest in the Marcus & Millichap and its investment professionals cannot and will
current or future performance of this property. The value of a net subject property. The information contained herein is not a substitute not act as lawyers, accountants, contractors, or engineers. All
leased property to you depends on factors that should be evaluated for a thorough due diligence investigation. Marcus & Millichap has not potential buyers are admonished and advised to engage other
by you and your tax, financial and legal advisors. made any investigation, and makes no warranty or representation, professionals on legal issues, tax, regulatory, financial, and
with respect to the income or expenses for the subject property, the accounting matters, and for questions involving the property’s
Buyer and Buyer’s tax, financial, legal, and construction advisors future projected financial performance of the property, the size and physical condition or financial outlook. Projections and pro forma
should conduct a careful, independent investigation of any net leased square footage of the property and improvements, the presence or financial statements are not guarantees and, given the potential
property to determine to your satisfaction with the suitability of the absence of contaminating substances, PCB’s or asbestos, the volatility created by COVID-19, all potential buyers should be
property for your needs. compliance with State and Federal regulations, the physical condition comfortable with and rely solely on their own projections, analyses,
of the improvements thereon, or the financial condition or business and decision-making.)
Like all real estate investments, this investment carries significant prospects of any tenant, or any tenant’s plans or intentions to
risks. Buyer and Buyer’s legal and financial advisors must request continue its occupancy of the subject property. The information *In addition to all other advisements, notices, and disclaimers set forth
and carefully review all legal and financial documents related to the contained in this Marketing Brochure has been obtained from sources in this Marketing Brochure, Marcus & Millichap further advises all
property and tenant. While the tenant’s past performance at this or we believe to be reliable; however, Marcus & Millichap has not prospective purchasers that certain Marcus & Millichap related or
other locations is an important consideration, it is not a guarantee of verified, and will not verify, any of the information contained herein, affiliated parties, including NNN Properties LLC, and/or its
future success. Similarly, the lease rate for some properties, including nor has Marcus & Millichap conducted any investigation regarding independent contractor salespeople, brokers of record, partners,
newly-constructed facilities or newly-acquired locations, may be set these matters and makes no warranty or representation whatsoever trustees, beneficiaries, shareholders, members, managers, directors,
based on a tenant’s projected sales with little or no record of actual regarding the accuracy or completeness of the information provided. officers, employees, or agents, along with their respective heirs,
performance, or comparable rents for the area. Returns are not All potential buyers must take appropriate measures to verify all of the successors, personal representatives and/or assigns (collectively, the
guaranteed; the tenant and any guarantors may fail to pay the lease information set forth herein. “Marcus & Millichap Related Parties”) may be acting as principals for
rent or property taxes, or may fail to comply with other material terms the Seller or own a direct or indirect beneficial interest in the Property
of the lease; cash flow may be interrupted in part or in whole due to NON-ENDORSEMENT NOTICE or in its ownership. By accepting this Marketing Brochure, any
market, economic, environmental or other conditions. Regardless of prospective purchaser shall thereby waive any claim they may have
tenant history and lease guarantees, Buyer is responsible for Marcus & Millichap is not affiliated with, sponsored by, or endorsed by based on a conflict of interest given the Marcus & Millichap Related
conducting his/her own investigation of all matters affecting the any commercial tenant or lessee identified in this marketing package. Parties’ role as both agent for the Seller and as the Seller (or as a
intrinsic value of the property and the value of any long-term lease, The presence of any corporation’s logo or name is not intended to principal of the Seller).
Table of Contents Investment Highlights 4 Financial Analysis 5 Tenant Overview 6 Guarantor Overview 7 Surrounding Area 8 Location Overview 9 Local Map 10 Regional Map 11 Demographics 12 Market Overview 13
Investment Highlights
PRICE: Unpriced | CAP: TBD | RENT: $110,000
About the Investment
✓ Long-Term, 20-Year Triple Net (NNN) Sale Leaseback Commencing Upon the
Close of Escrow
✓ Triple Net (NNN) Lease with Zero Landlord Responsibilities
✓ Corporate Guarantee from Alliance Animal Health | 136 Unit Veterinary
Clinic Operator
✓ Pet Care is a Recession Proof Industry | Consumers Spend More on Pets Year
Over Year for Almost Three Decades | Data from the American Pet Products
Association show that the total amount spent on pets by Americans has
grown from $17 billion in 1994 to an estimated $75.38 billion in 2019.
About the Location
✓ National Tenants | Walmart, Target, Publix, Aldi, Marshalls, HomeGoods,
PetSmart, Ross Dress for Less, Walgreens, McDonald’s, Burger King, Wendy’s,
Chick-fil-A, Starbucks, Taco Bell, Bank of America and Many More
✓ High Academic Presence | Six Schools Within a Three-Mile Radius | Total
Enrollment Exceeds 5,100 Students
✓ Immediate Access to Healthcare | The Medical Center of Trinity is Less Than
Three Miles Away | 340 Staffed Beds | $23 Million Expansion in 2019
✓ Affluent Community | Average Income Exceeds $99,500 Within a Three-Mile
Radius
About the Tenant / Guarantor
✓ Alliance Animal Health allows veterinarians to continue to practice medicine
independently while providing resources and assistance in business
operations
✓ Alliance Animal Health has a Significant Growth Plan | Credit Enhancement
As Alliance Animal Health Continues to Grow their Operations
Trinity Oaks Pet Wellness Center 4
Financial Analysis
PRICE: Unpriced | CAP: TBD | RENT: $110,000
PROPERTY DESCRIPTION RENT SCHEDULE
Property Trinity Oaks Pet Wellness Center Lease Year Annual Rent Monthly Rent Rent Escalation
Property Address 10003 Trinity Boulevard Year 1 $110,000 $9,167 -
City, ST ZIP Trinity, FL 34655 Year 2 $110,000 $9,167 -
Year 3 $110,000 $9,167 -
Year Built / Renovated 2006
Year 4 $110,000 $9,167 -
Est. Building Size (SF) 3,000 Year 5 $110,000 $9,167 -
Lot Size (Acres) +/- 0.67 Year 6 $121,000 $10,083 10.00%
Type of Ownership Fee Simple Year 7 $121,000 $10,083 -
Year 8 $121,000 $10,083 -
THE OFFERING Year 9 $121,000 $10,083 -
Purchase Price Unpriced Year 10 $121,000 $10,083 -
CAP Rate TBD Year 11 $133,100 $11,092 10.00%
Year 12 $133,100 $11,092 -
Annual Rent $110,000
Year 13 $133,100 $11,092 -
LEASE SUMMARY Year 14 $133,100 $11,092 -
Property Type Net-Lease Medical Year 15 $133,100 $11,092 -
Year 16 $146,410 $12,201 10.00%
Tenant / Guarantor Alliance Animal Health (136 Unit-Operator)
Year 17 $146,410 $12,201 -
Original Lease Term 20-Years Year 18 $146,410 $12,201 -
Lease Commencement Close of Escrow Year 19 $146,410 $12,201 -
Lease Expiration 20 Years from Close of Escrow Year 20 $146,410 $12,201 -
Lease Term Remaining 20 Years
INVESTMENT SUMMARY
Lease Type Triple Net (NNN) Marcus & Millichap is pleased to present the exclusive listing for the Trinity Oaks Pet
Roof & Structure Tenant Responsible Wellness Center located at 10003 Trinity Boulevard in Trinity, Florida. The site consists of
roughly 3,000 rentable square feet of building space. Trinity Oaks Pet Wellness Center is
Rental Increases Ten (10%) Percent Every 5 Years starting Year 6 subject to a 20-year triple-net lease that commences upon the close of escrow. The
annual rent will be $110,000 and is scheduled to increase by ten percent (10%) every five
Options to Renew Four (4), Five (5)- Year Options (5) years throughout the base term and in each of the four (4), five (5)-year renewal
options.
Trinity Oaks Pet Wellness Center 5
Tenant Overview About Trinity Oaks Pet Wellness Center Trinity Oaks Pet Wellness Center is a full-service animal hospital with dog and cat boarding and bathing in the Trinity, New Port Richey and Odessa area. The state-of-the art facility can accommodate pet surgery, blood work, dental cleaning, companion animal laser therapy, wellness care, and more. The center also has an online pharmacy for any pet needs. Dr. Wendy Watson, the facility’s lead doctor, received her veterinary degree from Auburn University College of Veterinary Medicine and upon graduation joined Haines Road Animal Hospital in St. Petersburg, Florida where she worked for 12 years before opening her own clinic in 2006 in the Trinity area. Mission Statement: We are committed to listening to our clients worries and concerns. We want to understand their interpretation of the pet's clinical signs and symptoms. We will use our knowledge and medical skills to care for the pet in a compassionate and caring environment. We will aid our clients in making well informed decisions about their pet's health care. We are dedicated to educating our clients about preventative medicine and diagnostics that will aid in their pets achieving a long and healthy life. Trinity Oaks Pet Wellness Center 6
Guarantor Overview
About Alliance Animal Health
ALLIANCE ANIMAL HEALTH
Alliance Animal Health is a multi-site owner, operator and business partner to veterinarians in the United States. The Company currently operates 136 clinics.
Alliance Animal Health allows veterinarians to continue to practice medicine independently while providing resources and assistance in business operations.
Veterinarians retain all the benefits of being an independent practice, but gain the additional advantages associated with becoming part of a larger organization.
These include access to professional marketing, inventory management expertise, purchasing power, collaborative synergies, and financial resources.
WHY PARTNER WITH ALLIANCE ANIMAL HEALTH?
A mutually beneficial alliance. Their doctors realize the financial value of their practice today, while retaining the choice to continue to practice veterinary
medicine on a full-time or part-time basis.
HOW ALLIANCE ANIMAL HEALTH WORKS: A FLEXIBLE, CUSTOMIZED APPROACH
Alliance Animal Health believes in giving back to their communities by providing a strong employee-centered culture. A partnership with Alliance Animal Health
fosters high quality medicine and creates new opportunities for staff to grow professionally.
FINANCIALS OPERATIONS
In most of their partner practices, Alliance Animal Health seeks a majority ownership Alliance Animal Health allows doctors and hospital staff to focus on patient care,
interest with at least one other doctor retaining a minority interest. unburdened by the demands of running a business. The Company works with current
staff to create a strong management infrastructure that takes care of all non-medical
This allows for a true partnership based on an alignment of expertise and goals. functions. The Company also draw on their own marketing and financial expertise, along
with a network of other experts and resources, to help each of our practices grow.
The minority partner is often the current owner who retains some ownership with a
built-in exit strategy that allows them to monetize over time. A current associate The Alliance Animal Health philosophy calls for multiple practices to work together in
veterinary doctor may also build an ownership interest over time. the same market. This allows for collaboration within the group from both a medical
and practice management standpoint. Their network also allows them to share
resources within the group for the benefit of each practice.
Trinity Oaks Pet Wellness Center 7
Surrounding Area
10003 Trinity Boulevard, Trinity, FL 34655
Medical Center
of Trinity
340 Beds
J. W. Mitchell High
School
&
Seven Springs Middle
School
3,641 Total Students
ADTC: 44,000
LITTLE RD
Trinity Oaks Pet Wellness Center 8
Location Overview
10003 Trinity Boulevard, Trinity, FL 34655
The Trinity Oaks Pet Wellness Center property is located along Trinity Boulevard
in Trinity, Florida, an area experiencing enormous growth. Trinity Boulevard
boasts average daily traffic counts of 25,500 vehicles and intersects with both
Highway 54 and Little Road. The two roads bring an additional 75,000 and ADTC: 75,000
44,000 vehicles into the immediate area every day. The subject investment
property benefits from its strong demographics and growing population. There
are more than 88,000 individuals residing within a five-mile radius of the
subject property and more than 454,000 individuals within a ten-mile radius. ADTC: 44,000
Additionally, the property benefits from being located in an affluent
community. The average income within a three-mile radius is greater than
$93,800.
The subject property benefits from being well-positioned in close proximity of
national and local tenants, shopping centers, medical centers, new
developments, schools, and other points of interest. Major national tenants in ADTC: 25,500
the surrounding area include Walmart, Target, Publix, Aldi, Marshalls,
HomeGoods, PetSmart, Ross Dress for Less, Walgreens, McDonald’s, Burger
King, Wendy’s, Chick-fil-A, Starbucks, Taco Bell, Bank of America, and so many
more. Hospitality accommodations in immediate proximity to the property
include Holiday Inn Express & Suites, Hampton Inn & Suites, Residents Inn,
SpringHill Suites and more. The subject property benefits from its close
proximity to healthcare. The Medical Center of Trinity is located less than three
miles away. The State-of-the-art facility has 340 staffed beds. The facility
received a $23 million expansion in 2019 to accommodate the growing
population in the area. Additionally, the subject property benefits from being
located within a three-mile radius of six schools. These schools have a
combined enrollment greater than 5,100 students. Furthermore, the town is in
the process of building a new school which will accommodate 1,600 students.
Trinity Florida is a fast-growing upscale community just north of the Pinellas
and Hillsborough county borders in West Pasco County. It’s tri-county location
is optimal for commuters. The area has experienced a residential and
commercial boom of over the past several years with a ton of retail and housing
developments.
Trinity Oaks Pet Wellness Center 9
Local Map
10003 Trinity Boulevard, Trinity, FL 34655
Tampa International Airport (TPA)
Trinity Oaks Pet Wellness Center 10Regional Map
10003 Trinity Boulevard, Trinity, FL 34655
Florida
Trinity Oaks Pet Wellness Center 11Demographics
10003 Trinity Boulevard, Trinity, FL 34655
3 Miles 5 Miles 10 Miles
POPULATION TRENDS
2010 Population 25,473 75,178 396,489
2021 Population 32,314 88,254 454,117
10 Miles 2026 Population Projection 36,110 97,129 489,762
Annual Growth 2010-2021 2.40% 1.60% 1.30%
Annual Growth 2021-2026 2.40% 2.00% 1.60%
HOUSEHOLD TRENDS
2010 Households 10,281 31,145 165,670
2021 Households 13,508 37,134 189,432
5 Miles 2026 Household Projection 15,121 40,874 203,922
Growth 2010 - 2021 2.10% 1.00% 0.60%
3 Miles Growth 2021 - 2026 2.40% 2.00% 1.50%
AVERAGE HOUSEHOLD INCOME (2021) $93,858 $85,396 $87,443
MEDIAN HOUSEHOLD INCOME (2021) $74,447 $63,345 $61,913
HOUSEHOLDS BY HOUSEHOLD INCOME
(2021)Market Overview
10003 Trinity Boulevard, Trinity, FL 34655
Tampa, Florida Tampa
With its mix of historic architecture and modern landmarks, a culture
infused with Cuban and Spanish flavors, vibrant business districts and
beautiful waterways, Tampa is a wonderful place to work, play and unwind.
Downtown is alive with urban parks, including the gorgeous Tampa
Riverwalk, hip bars and innovative restaurants and amazing restorations of
turn-of-the-century buildings. For residents and visitors alike, there’s no
shortage of things to do in Tampa, whether it’s paddling along the
Hillsborough River, sampling tequila at a margarita festival, enjoying a pro
football or hockey game, riding a thrill-coaster at Busch Gardens or
attending an opera at the Straz Center. Tampa is known for being a great
city for all ages and tastes, offering hotel accommodations that fit any
budget and catering to everyone, including families, outdoor adventure
seekers, and foodies and wine connoisseurs. Once known as a melting pot
for all cultures and settlers, Tampa remains a welcoming place for those
seeking fun, opportunity and a chance to try new things. While it’s only a
short, 30-minute drive to the beaches, Tampa’s real strengths lie in its city
life. Downtown is now packed with young condo residents, and with them
came a crop of new fusion-cuisine dining options, craft cocktail and beer
bars, and regular festivals, concerts and events hosted in the well-
kept Curtis Hixon Park. Nearby Hyde Park, an upscale shopping and dining
district, there are boutique stores and national brands, as well as excellent
restaurants and bars. But one of the great things about Tampa is you can
venture outside of the urban, metro centers to find plenty to do off the
beaten path.
Trinity Oaks Pet Wellness Center 13E XC LU S I V E N E T - L EA S E O F F E R I N G FL Broker of Record: Ryan Nee License: BK3154667
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