Office for Sale in Springfield, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Springfield, IL 62704

Description

Marcus & Millichap is pleased to present the Capitol Illini Veterinary Services Portfolio, located in Chatham and Springfield, Illinois. The two single tenant animal hospitals are 100 percent leased to the national veterinary service provider, Mission Pet Health (formerly known as Mission Veterinary Partners). Mission Pet Health (MPH) has practiced in the Springfield MSA since 2020 and currently has just under five years remaining on their original 10-year lease with one five-year renewal option. The Capitol Illini Vet Services Portfolio is accredited by the American Animal Hospital Association (AAHA), which is the only organization that accredits veterinary practices in the United States and Canada. Since COVID-19, studies show over 23 million American households got pets. Veterinary practices were deemed essential through the pandemic and continue to grow as safe and secure investments. Mission Pet Health was originally founded in 2014 but recently formed upon the merger of Southern Veterinary Partners and Mission Veterinary Partners, two of the nation’s most respected and innovative veterinary organizations. Together, Mission Pet Health has over 840 veterinary locations in 41 U.S. states and pulls in over $1 billion in annual revenue. Mission Pet Health is now majority owned by Silver Lake Capital, which has over $102 billion assets under management. Shore Capital Partners previously held majority ownership of both companies and will remain as a minority owner after the estimated $8.6 billion deal. The approximately 1999-built animal hospitals stand over 7,700 square feet and require minimal landlord obligation under the double-net (NN) lease. Four practicing veterinarians and 13 staff members provide a wide range of veterinary medicine services including general wellness/preventive care, senior wellness, surgery, dentistry, diagnostics, referrals, therapy, and more. The coinciding leases are backed by the corporate entity and provide a stable, long-term hedge ag

Market Context

This office in Springfield, IL is listed for sale. It is offered at an approximate 8.0% capitalization rate, a key benchmark for income-producing office assets. It has been on the market for 68 days. Compare it against other office listings for sale in Springfield, IL — <a href="/search/sale/office/illinois/springfield">view the full market</a>.

Unified Estimate

Low Confidence

$411.65/SF – $556.93/SF

Mid: $484.29/SF

Rate estimator only; cost-of-business estimate unavailable.

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