Matthews

Institutional-Grade Investment Opportunity

National Mission Pet Health Portfolio

17 Mission-Critical Facilities in One of the Fastest-Growing Healthcare Asset Classes

Advancing Veterinary Care Across The Nation

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TenantMission Pet Health
List Price
$51,311,000
Cap Rate
6.25%
# of Properties
18
Total Square Feet
125,060
WALT (As of Jan 2027)
10.8 Years
Number of States
11

01 — Executive Overview

Offering Introduction

Over $100 Billion of strategic capital has entered the veterinary sector over the last decade, resulting in significant consolidation and institutionalization of veterinary practice ownership.

Matthews™ Healthcare Division is pleased to exclusively offer the rare opportunity to acquire a premier national veterinary portfolio tenanted by Mission Pet Health, a best-in-class veterinary operator with 930+ veterinary locations across 41+ states. The portfolio consists of 17 mission critical properties and one parking lot totaling approximately 125,060 square feet across 11 states throughout the United States.

The portfolio demonstrates exceptional unit-level performance, with a portfolio-wide rent coverage ratio of approximately 7.76x as of June 2026, providing significant support for the durability of the underlying cash flow.

With approximately 10.8 years of weighted average remaining lease term (as of January 2027), the portfolio leases are strategically structured primarily as absolute & standard NNN leases, ensuring minimal to no landlord responsibilities. Furthermore, the portfolio features rent escalations ranging from 2%-3%, providing consistent income growth and built-in inflation protection.

Heavily supported by exceptional macroeconomic tailwinds within the recession-resistant U.S. pet healthcare sector—which serves more than 188 million pets across approximately 94 million households—the veterinary industry continues to experience strong secular growth driven by increasing pet ownership and higher veterinary spending. This offering provides investors with the opportunity to acquire within a highly attractive healthcare real estate sector while benefiting from a best-in-class veterinary operator, stellar unit level performance, long-term leases, contractual rent escalations, and meaningful geographic diversification.

The portfolio generates approximately $3.2 million in annual rent and is being offered at a list cap rate of 6.25% yielding a list purchase price of $51.3 million.

Total Square Feet

125,060

Annual Rent

$3,206,914

Properties
18
States
11
WALT
10.8 Years
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02 — Investment Highlights

The Investment Thesis

  • 01

    High-Caliber Operator

    The portfolio is operated by Mission Pet Health – a best-in-class operator that operates 930+ veterinary facilities across 41+ states. Mission Pet Health resulted from the merger between Southern Veterinary Partners and Midwest Veterinary Partners which completed in December 2024. Mission Pet Health is one of the largest veterinary platforms in the country.

  • 02

    Fantastic Unit-Level Performance

    The portfolio comprises high-performing facilities and boasts a portfolio-level rent coverage ratio of over 7.76x as of June 2026. This strong coverage provides investors with confidence that the underlying facilities are performing exceptionally well and generating sufficient cash flow to comfortably support tenants’ rental obligations across the portfolio.

  • 03

    Long-Term Lease Duration

    The portfolio features an attractive weighted average remaining lease term of 10.8 years (as of January 2027), offering investors predictable long-term cash flow with reduced roll over exposure.

  • 04

    Favorable Lease Structures

    The portfolio is comprised of absolute & standard NNN leases, either eliminating or greatly limiting landlord responsibilities and providing investors with attractive expense protection.

  • 05

    Institutional Portfolio With Immediate Scale

    The portfolio is comprised of 18 properties totaling 125k square feet across 11 states offering investors an opportunity to achieve immediate scale with built in geographic diversification.

  • 06

    Annual Rental Escalators

    The portfolio features annual rental escalators across all properties ranging from 2% to 3% - ensuring that investors receive annual increases in cash flow which will serve as a great hedge against inflation.

  • 07

    Mission-Critical Veterinary Facilities

    A majority of the portfolio consists of purpose-built veterinary hospitals that feature specialized improvements and equipment, creating significant tenant investment and reducing relocation risk.

  • 08

    Recession-Resistant Healthcare Asset Class

    Veterinary services benefit from recurring, non-discretionary pet healthcare spending and have demonstrated resilience through economic cycles.

  • 09

    Significant Industry Tailwinds & Fundamentals

    The veterinary sector is supported by strong structural tailwinds, including high pet ownership (94M U.S. households) and consistent spending growth. The U.S. veterinary services industry is projected to nearly double in size over the next eight years, growing from roughly $37.4 billion in 2025 to nearly $70 billion by 2033. That represents about 87% total growth, or an 8.1% annual growth rate.

125,060 SF

Total Square Feet

Across 11 States

Geographic Diversification

03 — Tenant Overview

Mission Pet Health

Mission Pet Health

Ownership Status

Backed by Shore Capital Partners & Silver Lake

Website

missionpethealth.com
2014
Year Founded
Birmingham, AL
Headquarters
930
Veterinary Locations Nationwide
20K
Team Members Across The Organization

One of the largest veterinary operators in the U.S., with more than 930 locations nationwide.

Breadth of Services & Footprint

  • Operates 930+ veterinary locations across the United States, making Mission Pet Health one of the nation’s largest veterinary operators.
  • Provides a broad spectrum of veterinary care through animal hospitals, specialty practices, urgent care centers, and pet resorts.
  • Supports specialty veterinary care across cardiology, surgery, emergency & critical care, neurology, dentistry, radiology, internal medicine, oncology, dermatology, and ophthalmology.
  • Preserves local hospital brands and medical autonomy, allowing partner practices to maintain their established names, cultures, and community relationships.
  • Provides centralized business resources including marketing, recruiting, operations, data and analytics, HR, finance, and inventory management.

What Makes Mission Pet Health Special

  • One of the largest veterinary operators in the U.S., with more than 930 locations nationwide.

  • Comprehensive care model combining general practice hospitals, specialty practices, urgent care centers, and pet resorts under one network.

  • Partner hospitals retain their names, brands, culture, and medical independence while gaining the resources of a national organization.

  • Provides sophisticated marketing, recruiting, operations, analytics, HR, and financial resources designed to support hospital performance and growth.

04 — Industry Overview

A Resilient Industry Positioned For Long-Term Growth

The U.S. veterinary industry benefits from durable demographic trends, increasing consumer spending, and the continued humanization of pets. As ownership reaches record levels and veterinary care becomes an essential household expense, the sector continues to generate predictable, recession-resistant demand.

195M
Pets in U.S. (Cats & Dogs)

IBISWorld, “Number of Pets (Cats and Dogs), 2025

95M
Pet-Owning Households (2025)

APPA 2026 State of the Industry Report

$40.3B
2025 Industry Revenue (Vet Care)

Grand View Research, U.S. Veterinary Services Market report

8.10%
CAGR Through 2033)

Grand View Research, U.S. Veterinary Services Market report

  • Humanization

    Owners increasingly view pets as family members, driving higher spending on preventative care, diagnostics, specialty medicine, and wellness.

  • Recurring

    Routine wellness visits, vaccinations, medications, dental care, and chronic disease management generate consistent demand throughout economic cycles.

  • Essential

    Veterinary services remain a needs-based category with relatively low sensitivity to discretionary spending.

Veterinary Practice Revenue Growth

Revenue Index (2018 = 100)

10020181042019117202012620211332022141202314920241562025

56%

Revenue Growth Since 2018

Veterinary practices have experienced consistent revenue growth, increasing 56% from 2018 to 2025, outpacing pre-pandemic growth trends.

Source: AVMA (2025) – Veterinary Industry Tracker: Practice Trends Report

U.S. Pet Owning Households

  • 95M2024Pet-Owning Households
  • 85M2020Pet-Owning Households
  • 82M2014Pet-Owning Households

+13MSince 2014

— Source: APPA National Pet Owners Survey / 2026 State of the Industry Repor

Annual U.S. Pet Spending by Category

2025 actual U.S. market sales by major pet industry category

  • Food & Treats$68.3B
  • Veterinary Care & Products$41.0B
  • Supplies, Live Animals & OTC Medicine$34.4B
  • Other Services*$14.3B

*Other Services includes boarding, grooming, insurance, training, pet sitting, pet walking, and other non-veterinary services. Source: American Pet Products Association (APPA), 2026 State of the Industry Report.

#1Veterinary Care & Products Largest Pet Care Spending Category After Food

05 — Portfolio

Portfolio Overview

Properties
18
States
11
Total Square Feet
125,060
Annual Rent
$3,206,914
WALT
10.8 Years
Filter by State

Showing 18 of 18 properties

  • Brook Falls Veterinary Hospital

    14850 W Lisbon Road, Menomonee Falls, WI 53051

    Property Size (SF)
    ±17,900
    Lot Size (AC)
    ±2.70
    Year Built
    2011
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Family Veterinary Hospital

    32175 Castle Court, Evergreen, CO 80439

    Property Size (SF)
    ±9,977
    Lot Size (AC)
    ±1.29
    Year Built
    2006
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Meridian Veterinary Care

    101 East Natoma Street, Folsom, CA 95630

    Property Size (SF)
    ±7,560
    Lot Size (AC)
    ±0.66
    Year Built/Renovated
    1983/2010
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Central Animal Hospital

    718 Central Park Avenue, Scarsdale, NY 10583

    Property Size (SF)
    ±9,709
    Lot Size (AC)
    ±1.08
    Year Built
    1925/2015
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • York Veterinary Services

    889 US 321, York, SC 29745

    Property Size (SF)
    ±4,343
    Lot Size (AC)
    ±0.86
    Year Built/Renovated
    1971/1998
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Chelmsford Animal Hospital

    11 Fletcher St, Chelmsford, MA 01824

    Property Size (SF)
    ±11,000
    Lot Size (AC)
    ±0.63
    Year Built
    2009
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • College Park Road Veterinary Clinic

    186 College Park Road, Ladson, SC 29456

    Property Size (SF)
    ±8,004
    Lot Size (AC)
    ±1.77
    Year Built
    2013
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Whole Pet Wilmington

    5333 Oleander Dr, Wilmington, NC 28403

    Property Size (SF)
    ±5,443
    Lot Size (AC)
    ±1.75
    Year Built
    2025
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • New Orleans Parking Lot

    3958 & 3968 Annunciation St, New Orleans, LA 70115

    Property Size (SF)
    ±9,147
    Lot Size (AC)
    ±0.83
    Year Built
    N/A
    Occupancy
    100%
    Property Type
    Parking Lot

  • Clayton Animal Hospital

    11058 Clayton Blvd, Clayton, NC 27520

    Property Size (SF)
    ±5,000
    Lot Size (AC)
    ±1.41
    Year Built/Renovated
    1986/2000
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Whole Pet Davidson

    445 S. Main St, Suites 100, 110, 120, & 200, Davidson, NC 28036

    Property Size (SF)
    ±6,677
    Lot Size (AC)
    ±0.43
    Year Built
    1999
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Ankeny Veterinary Clinic

    301 NW 18th St, Ankeny, IA 50023

    Property Size (SF)
    ±3,995
    Lot Size (AC)
    ±0.88
    Year Built
    2003
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Maplewood Animal Hospital

    1811 Granville Ave, Muncie, IN 47304

    Property Size (SF)
    ±4,094
    Lot Size (AC)
    ±1.27
    Year Built
    2022
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Elwood Animal Hospital

    10080 IN-37, Elwood, IN 46036

    Property Size (SF)
    ±3,400
    Lot Size (AC)
    ±1.04
    Year Built
    1996
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Mercy Animal Hospital

    3806 Sardis Church Rd, Monroe, NC 28110

    Property Size (SF)
    ±5,116
    Lot Size (AC)
    ±0.53
    Year Built
    1999
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Rice Pet Clinic

    111 Country Rd, Little Canada, MN 55117

    Property Size (SF)
    ±4,368
    Lot Size (AC)
    ±0.68
    Year Built/Renovated
    1976/2005
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Care Animal Hospital

    3601 North Nebo Road, Muncie, IN 47304

    Property Size (SF)
    ±4,327
    Lot Size (AC)
    ±0.83
    Year Built
    1997
    Occupancy
    100%
    Property Type
    Veterinary Hospital

  • Fountain Inn Animal Clinic

    1126 N Main St, Fountain Inn, SC 29644

    Property Size (SF)
    ±5,000
    Lot Size (AC)
    ±1.00
    Year Built
    1999
    Occupancy
    100%
    Property Type
    Veterinary Hospital

Institutional-Grade Investment Opportunity

17 Mission-Critical Facilities in One of the Fastest-Growing Healthcare Asset Classes

The portfolio generates approximately $3.2 million in annual rent and is being offered at a list cap rate of 6.25% yielding a list purchase price of $51.3 million.

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06 — Contact

Exclusively Listed By

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Brokers of Record

  • Donnie Jarreau

    Broker Lic. No: BROK.32688-ACT (LA)

    Firm Lic. No: BROK.995704351-CORP (LA)

  • David Harrington

    Broker Lic. No: 1320460 (CA)

    Firm Lic. No: 2168060 (CA)

  • Kurt Sauer

    Broker Lic. No: 40841921 (MN)

    Firm Lic. No: 41005445 (MN)

  • Brayden Conner

    Broker Lic. No: ER.100106933 (CO)

    Firm Lic. No: EC.100099522 (CO)

  • Gerard Hamas

    Broker Lic. No: 362768 (NC)

    Firm Lic. No: C42113 (NC)

  • Adam Marek

    Broker Lic. No: S44830000 (IA)

    Firm Lic. No: F03991000 (IA)

  • Cory Rosenthal

    Broker Lic. No: 10311210106 (NY)

    Firm Lic. No: 10991237833 (NY)

  • Matthew M. Fitzgerald

    Broker Lic. No: 51983-90 (WI)

    Firm Lic. No: 938105-91 (WI)

  • Kyle Matthews

    Broker Lic. No: RB17001213 (IN); 105710 (SC); 1000083-RE-RB (SC)

    Firm Lic. No: RC52200195 (IN); 22684 (SC)