Executive Summary
The property offered for sale consists of a modern, fully leased, single tenant building located on 2.0 acres of level and maintained land in the “golden triangle of growth” for north central Texas. The facility is currently utilized as a state-of-the-art veterinary clinic serving Denton County. It is situated on a direct access to highly trafficked Farm to Market Road 156 in Justin, Texas in Denton County. The 6,000 square foot (subject to verification) building was constructed in 2022 and includes concrete parking and highway (FM 156) ingress and egress. The construction is wood and masonry with asphalt shingle roofing. The property was constructed in accordance with applicable municipal codes and restrictions.
The property is served by an on-site water well and filtration system and sewer waste water is served by on-site aerobic septic processing. The spray field for the aerobic septic is incorporated on the dedicated area of the land site in accordance with municipal guidelines.
Taxation is controlled by Northwest Independent School District, Denton County, and the city of Justin, Texas.
Lease Details
The property is 100% leased to Western Veterinary Partners, LLC a Delaware Limited Liability Company (“WVP”). WVP is a controlling entity for ownership in multiple veterinary clinics throughout Texas and other states. The lease agreement is a triple net (NNN) lease.
The primary lease term is ten (10) years with stated monthly rental rates for all ten (10) years. The lease agreement provides for annual increases in rent of three percent (3%) per year for each successive year after year one of the primary lease term and each year of the renewal term(s). The lease agreement contains two (2) five (5) year renewal terms at fixed monthly rental rates. A copy of the lease will be provided upon contract for sale for the due diligence process.
Mineral Interests ALL OWNED MINERAL INTERESTS IN THE PROPERTY WILL BE RETAINED BY THE SELLER.