MedVet Emergency
National Blue Chip
Veterinary Portfolio
Institutional-Grade Investment Opportunity
15 Mission-Critical Facilities in One of the Fastest-Growing Healthcare Asset Classes
TENANTS
01 — Executive Summary

Offering
Introduction

Matthews™ Healthcare Division

Matthews™ Healthcare Division is pleased to exclusively offer the opportunity to acquire a premier National Blue Chip Veterinary Portfolio consisting of 15 properties totaling approximately 183,261 square feet across multiple markets throughout the United States. The portfolio features a diverse collection of purpose-built veterinary hospitals strategically located across Florida (34,941 SF), Illinois (14,180 SF), Massachusetts (16,988 SF), North Carolina (5,974 SF), Ohio (36,341 SF), Tennessee (12,100 SF), Vermont (14,520 SF), and Virginia (48,217 SF).

The portfolio is comprised of single-tenant net-leased veterinary facilities with approximately 6.8 years of weighted average remaining lease term. Leases are primarily structured as NNN with annual rent escalations ranging from 2% — 3%. Nearly the entire portfolio is anchored by the industry's most sought-after operators — BluePearl (owned by Mars, Inc., S&P: A) and MedVet (the world's largest independent veterinarian-owned specialty network, backed by significant private equity capital).

Sector Capital Formation
Over $100 billion of strategic capital has entered the veterinary sector over the last decade, resulting in significant consolidation and institutionalization of veterinary practice ownership.
15
Purpose-Built Veterinary Properties
6.8
Years Weighted Avg Lease Term
Portfolio

15 Properties · 8 States

Active State
Property Location (hover for details)
The Opportunity

Investment Highlights

01 / 08 · TENANCY
High-Caliber, Blue Chip Tenants
Institutional-quality portfolio of 15 veterinary properties totaling approximately 183,261 SF across multiple high-growth markets throughout the United States. Portfolio is leased to a premier group of nationally recognized veterinary operators — BluePearl, MedVet, Ethos Veterinary Health, PetVet Care Centers, and Community Veterinary Partners — each backed by significant private equity capital and proven operational expertise. These sophisticated tenants bring strong credit profiles, substantial investment in specialized build-outs, and long-term commitment to their facilities, delivering superior stability and reduced rollover risk.
02 / 08 · STRUCTURE
Favorable Lease Structures
The vast majority of the properties are subject to absolute NNN leases with zero landlord responsibilities, while the remainder of the portfolio operates under NNN leases with minimal landlord responsibilities.
03 / 08 · GROWTH
Built-In Rent Growth | Inflationary-Protected Leases
Most leases feature contractual annual rent escalations ranging from 2.0% to 3.0%, providing organic income growth and a hedge against inflation.
04 / 08 · GEOGRAPHY
National Geographic Diversification
Properties are strategically located across multiple states including Florida, Illinois, Massachusetts, North Carolina, Ohio, Tennessee, Vermont, and Virginia. The portfolio is concentrated in high-growth markets characterized by strong population inflows, rising household incomes, and robust local economies.
05 / 08 · FACILITIES
Mission-Critical Veterinary Facilities
A majority of the portfolio consists of purpose-built veterinary hospitals that feature specialized improvements and equipment, creating significant tenant investment and reducing relocation risk.
06 / 08 · DEFENSIVE SECTOR
Recession-Resistant Healthcare Asset Class
Veterinary services benefit from recurring, non-discretionary pet healthcare spending and have demonstrated resilience through economic cycles.
07 / 08 · SCALE
Rare Large-Scale Veterinary Portfolio
A rare opportunity to acquire a 15-property veterinary portfolio totaling approximately 183,261 SF across eight states in a single transaction. This portfolio delivers instant diversification, multiple national operators, and long-term leases. Scale and credit quality of this caliber seldom come to market in a sector this fragmented, offering a portfolio that would otherwise take years to build.
08 / 08 · TAILWINDS
Significant Industry Tailwinds & Fundamentals
The veterinary sector is supported by strong structural tailwinds, including high pet ownership (94M U.S. households) and consistent spending growth. U.S. pet industry expenditures are projected to reach $165 billion in 2026, with veterinary care alone surpassing $41 billion.
Tenant & Industry Overview

Blue Chip Tenant Roster

Anchored by the Most Sought-After Operators in U.S. Animal Healthcare

Specialty & Emergency
Owned by Mars, Inc. (S&P: A). BluePearl is the portfolio's dominant operator, with leases primarily extending into 2033–2035.
9Properties
43.7%% RSF
Specialty & Emergency
World's largest independent, veterinarian-owned specialty and emergency pet hospital network, backed by significant private equity capital with continued national expansion.
3Properties
25.6%% RSF
General & Specialty
Community Veterinary Partners — PE-backed multi-site veterinary platform operating across the Mid-Atlantic and Northeast with long-term facility commitment.
1Properties
13.5%% RSF
General & Specialty
PetVet Care Centers — KKR-backed national veterinary group operating 450+ hospitals across general and specialty practice areas nationwide.
1Properties
9.3%% RSF
Specialty & Emergency
Ethos Veterinary Health — PE-backed national specialty hospital platform delivering best-in-class advanced and emergency care across the U.S.
1Properties
7.9%% RSF

Why Veterinary Real Estate

188M+U.S. Pets Across 94M Households
67%of U.S. Households Own a Pet
$165BProjected U.S. Pet Industry Spend 2026
$42B+Projected Veterinary Care Spend 2026
$100B+PE & Strategic Capital Deployed Last Decade

The U.S. veterinary sector has emerged as one of the most resilient and fastest-growing segments of healthcare real estate. Spanning over 188 million pets across 94 million households, the animal healthcare industry is driven by non-discretionary, emotionally-motivated spending — making it fundamentally resistant to economic downturns. The industry continues to scale toward a projected $69 billion at a ~7% annual growth trajectory.

Over $100 billion of strategic capital has entered the veterinary sector over the last decade, resulting in significant consolidation and institutionalization of practice ownership. The resulting large, creditworthy operators sign long-term leases on purpose-built facilities — producing investment-grade income streams for institutional owners.

Matthews™ Healthcare Advisory Team

Exclusively Listed By

Michael Moreno
Executive Vice President & Senior Director
(818) 522-4497
michael.moreno@matthews.com
Lic. 01982943 (CA)
Rahul Chhajed
Executive Vice President & Senior Director
(818) 434-1106
rahul.chhajed@matthews.com
Lic. 01986299 (CA)
Andrew Evans
Senior Vice President & Director
(925) 360-0277
andrew.evans@matthews.com
Lic. 02055475 (CA)
Tyler Swade
Vice President & Director
(818) 479-7607
tyler.swade@matthews.com
Lic. 02238285 (CA)
Confidential Offering
Request the Offering Memorandum

To access the full Offering Memorandum, including detailed financials, lease abstracts, and due diligence materials, please complete the Non-Disclosure Agreement (NDA) form below.