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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
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Jan 0000
SAGE Veterinary Centers provides 24/7 emergency and specialty veterinary care for dogs and cats across the Bay Area, with hospitals in Campbell, Concord, Dublin, San Francisco, and Redwood City. The company focuses on referral-based specialty medicine and emergency treatment, and its services include surgery, oncology, critical care, anesthesiology, integrative medicine, and end-of-life care. SAGE Veterinary Centers began as Veterinary Surgical Associates before evolving into the current brand, and the business has continued to build around advanced diagnostics, specialty procedures, and coordinated care with primary veterinarians. Today, SAGE Veterinary Centers remains a regional veterinary network focused on emergency access, specialty referrals, and collaborative treatment for companion animals.
| 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 | $1,758,587 |
| Land Assessment | $2,819,537 | Total Assessment | $4,578,124 |
Property Taxes
