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934 Charter St 22,931 SF 100% Leased Industrial Building Redwood City, CA 94063 $21,000,000 ($915.79/SF) 6.50% Cap Rate
Investment Highlights
- Significant tenant investment into the building
- Tenant recently expanded into adjacent building on co-terminus lease
- Lease guaranteed by private equity backed parent company
Executive Summary
STRONG IN PLACE INCOME WITH STABILITY
The property is 100% leased to a credit tenant through December 2039 with one additional five (5) year option. SAGE Veterinary Centers was acquired by National Veterinary Centers (owned by JAB Holdings) in 2022 for $1.10 billion. In March 2023, JAB announced it was splitting the veterinary portfolio into two separate business units (Ethos Veterinary Health and NVA) with the intent of a future IPO.
Ethos Veterinary Health is the dedicated brand for specialty and emergency hospitals, which includes SAGE. NVA is focused on general practice veterinary hospitals.
The performance of this lease is guaranteed by Ethos Veterinary Health.
HIGH BARRIERS TO RELOCATION
It took years to secure the building as well as the Conditional Use Permit (CUP) required to operate as an animal hospital and they have been operating in this facility
since 2016. SAGE remains the preeminent animal hospital in the San Francisco Bay Area and is one of the few open 24/7/365.
TREMENDOUS TENANT INVESTMENT & EXPANSION
Upon securing the CUP in 2016, SAGE spent $8.5mil to build out the facility. Over the past 10 years, they have continued to maintain the property and perform
additional upgrades. Currently SAGE has submitted plans to the building department for a building renovation that is expected to cost roughly $7mil and the construction will commence fall 2026. Additionally, SAGE has expanded their presence by leasing the adjacent 13,585 SF building located at 2385 Bay Road on a new 15 year lease. This lease was signed in 2025 and SAGE is currently under construction on the improvements which are expected to cost $13mil.
Property Facts
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Professional, Scientific, and Technical Services
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99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
SAGE Centers for Veterinary Specialty and Emergency Care is San Francisco Bay Area's largest locally owned referral veterinary specialty practice. Their veterinary practice includes more than 70 highly-trained veterinarians, providing advanced care for cats and dogs in four state-of-the-art veterinary medical centers throughout the Bay Area: Campbell, Concord, Dublin and Redwood City. All four locations offer 24 hour / 7 days a week emergency pet care and comprehensive critical care. Their doctors are highly trained experts in their respective areas of specialty, and frequently collaborate on individual cases to provide a level of comprehensive care available nowhere else. While their facilities feature state-of-the-art diagnostic equipment and surgical tools, they pride themselves on providing compassionate, loving care, for pets and their families alike.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Professional, Scientific, and Technical Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Property Taxes
| Parcel Number | 054-050-120 | Improvements Assessment | $1,724,106 |
| Land Assessment | $2,764,252 | Total Assessment | $4,488,358 |
Property Taxes
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934 Charter St
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