934 Charter St - Service FOR SALE


Redwood City, CA 94063- Redwood Village
$21,000,000 USD
408-615-3458
934 Charter St, Redwood City, CA for Sale
$21,000,000 USD
Service - FOR SALE
1/7
null | 6.5% Cap Rate

934 Charter St
Redwood City, CA 94063
Redwood Village


HIGHLIGHTS

  • Significant tenant investment into the building
  • Lease guaranteed by private equity backed parent company
  • Tenant recently expanded into adjacent building on co-terminus lease

OVERVIEW

Cushman & Wakefield, as exclusive advisor, is pleased to present the exciting opportunity to acquire the 100% fee simple interest in 934 Charter Street, Redwood City, California (the “Property”). 934 Charter Street is a single-tenant medical facility located in Redwood City, California. 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.

FOR SALE DETAILS

PRICE

$21,000,000 USD

PRICE/SF

$916 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Service

ADD'L SUBTYPES

Veterinarian/Kennel, Medical

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1979

UTILITIES

-

CLEAR CEILING HT

18 Ft

DOCKS

-

DRIVE INS

1

PARKING SPACES

51

LAND DETAILS

LAND ACRES

0.72

LAND SF

31,581

ZONING

IR

APN/PARCEL ID

054-050-120

ASK ABOUT THIS PROPERTY

Walt StephensonCushman & WakefieldMore Info
408-615-3458

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Walt StephensonCushman & WakefieldMore Info
408-615-3458

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.