Marcus & Millichap brokered the sale of two single-tenant animal hospital properties in New Ulm and Mankato, Minnesota. The properties collectively sold for $2.805 million.
William Skoch and Christopher Mitchel, veterinary real estate investment specialists in Marcus & Millichap’s Cleveland office, had the exclusive listing to market the property on behalf of the seller—a group of six veterinarians who owned the buildings for more than 27 combined years—and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide. Jon Ruzicka is Marcus & Millichap’s broker of record in Minnesota.
The portfolio includes New Ulm Regional Vet Center at 401 20th St. S. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato property was built in 2017. Both properties are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide.
