Thrive Pet Healthcare Veterinary Hospital 20693 Woodford Tehachapi Rd 9,370 SF Retail Building Tehachapi, CA 93561 $2,839,614 ($303.05/SF) 7.25% Cap Rate

PROPERTY & LEASE HIGHLIGHTS
• Thrive Pet Healthcare Corporate Guaranty – Lease features a corporate guaranty from Thrive Pet Healthcare, one of the largest operators of veterinary hospitals in the United States, supporting 380+ practices nationwide.
• Full-Service Pet Campus – The property features veterinary care at a state-of-the-art diagnostic and surgical facility (Tehachapi Veterinary Hospital) plus pampered pet boarding at Tehachapi Pet Lodge & Outfitters located directly behind the hospital. Everything your pet needs is available in one convenient location.
• Private Equity Sponsorship: A $2.65 Billion Commitment – In April 2020, TSG Consumer Partners, a top-tier private equity firm, acquired a majority stake in Pathway Vet Alliance (now Thrive Pet Healthcare) from Morgan Stanley Capital Partners in a transaction valued at approximately $2.65 billion.
• Secure Financial Backing – TSG Consumer Partners (±14 Billion of assets under management), known for backing iconic consumer-facing brands (Planet Fitness, Dutch Bros Coffee, VitaminWater, etc.), brought capital and strategic guidance to accelerate the company's evolution into the nationally recognized brand it is today.
• NNN Lease with Minimal Landlord Responsibilities – True triple net lease with very limited landlord obligations, ideal for passive investors seeking stable, low-maintenance and headache-free income.
• Above-Average Rent Growth – The lease includes 3% annual increases, outpacing typical lease escalations.
• Below Replacement Cost – Priced at just $303 per square foot, this asset is offered well below current replacement cost for a veterinary facility of this caliber.
• Purpose-Built Medical Facility – Fully equipped to support veterinary diagnostics, surgery, wellness care, and on-site pet boarding.
TENANT HIGHLIGHTS
• Recent $350 Million Capital Raise – In March 2025, Thrive Pet Healthcare secured $350M in new funding to drive continued growth and expansion.
• National Scale – Thrive Pet Healthcare operates 380+ veterinary hospitals across the United States, serving millions of pets annually.
• Tenant Investment In Location – Veterinary hospitals hardly ever relocate due to the high costs associated with moving and difficulty retaining the same patients in a new location. They are also very well insulated from e-commerce competition and resilient to economic downturns.
• Workforce of 8,000+ – With thousands of veterinary professionals nationwide, Thrive is backed by clinical depth and centralized operational support.
• Robust Industry Growth – The global veterinary services market, valued at $150 billion in 2024, is projected to grow at a 8.7% CAGR from 2023 to 2030.
• Strategic Retail Integration with Petco – Thrive operates nearly 100 in-store clinics through a joint venture with Petco, expanding brand visibility and customer convenience.
• Innovative Tech Platform – Thrive recently launched a mobile app that offers 24/7 vet support via chat, appointment scheduling, medical record access, and personalized pet health recommendations — setting a new standard for client convenience.
• On-Site Services at Tehachapi Veterinary Hospital -
— Preventive Veterinary Care
— Wellness & Sick Exams
— Vaccinations | Flea & Tick Prevention
— Spay & Neuter Procedures
— Lab Testing – Bloodwork, Urinalysis, and Fecal Exams
— Pet Boarding – Operated on-site through Tehachapi Pet Lodge & Outfitters Accredited by the Better Business Bureau, the hospital is proudly marketed as “Tehachapi’s Premier Place for Pets,” delivering both clinical care and comfortable boarding from one convenient location.