SRS’ National Net Lease Group Completes Record-Breaking, $9.182 Million Sale of a Property Occupied by VCA Animal Hospital in Fountain Valley, Calif.

Newport Beach, Calif. (July 14, 2020)SRS Real Estate Partners’ National Net Lease Group has announced the record-breaking $9.182 million sale of single-tenant, 23,800-square-foot (sf) property occupied by VCA Animal Hospital located at 183 Euclid Street in Fountain Valley, CA. At a closing cap rate 4.75 percent, this sale marks the lowest cap rate ever for a VCA-occupied property nationwide as well as the lowest cap rate ever for a single-tenant net leased veterinary hospital in California per CoStar records.

SRS National Net Lease Group’s Managing Directors Matthew Mousavi and Patrick Luther, and Executive Vice President Rich Walter, represented the seller, an Orange County-based family trust, as well as the buyer, a Southern California-based private investor. Year to date, SRS has handled the sale of 11 retail transactions valued at $107 million in Orange County including the approximately $45 million sale of a Home Depot-occupied property in Brea.

VCA recently extended its lease for an additional 10 years and this location is one of VCA’s five flagship hospitals for its brand.

“This VCA-occupied asset represented one of the highest quality net lease offerings on market in Southern California over the past few months,” said Mousavi. “Backed by the largest veterinarian hospital operator in North America, the property offered stellar credit, being both COVID and internet resistant, as well as irreplaceable real estate along the 405 freeway, the highest trafficked interstate in Southern California.”

Luther added, “During COVID, we received multiple sub 5 cap offers from both 1031 exchange and non 1031 exchange investors who were private and institutional. We also had several lending options available during this time period. Demand from investors and capital sources remains robust for high quality, Orange County real estate, particularly net lease.”

Built in 1969 and renovated by the tenant in 2017 with $6 million in major building renovations, the property is situated on 2.14 acres and is located on a major thoroughfare just off Interstate 405. This Orange County asset provides a dense population of more than 671,000 residents and nearly 349,000 employees, creating a favorable pet owner customer base for VCA.

Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.

About SRS Real Estate Partners

SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit

SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit