Description
10-YEAR EXTENSION OF ESTABLISHED VET HOSPITAL +GG Lynn Animal Hospital has operated heresuccessfully since 1946. In July 2023, the Tenant, SVP Lynnah, LLC, elected to extend the term of its leasefor 10 years. A minimal concession was provided as inducement for the extension; Landlord removedthe 3% annual rental increases in exchange for a rental increase of 8% percent in 2028, and 2% annualincreases during the five-year option period. This is a strong indication of the tenant+GGs commitment to thelocation, and evidence of its profitability.PROXIMATE TO LARGE-SCALE DEVELOPMENT +GG The property is within 1.5-miles of considerablelarge-scale development in all four cardinal directions. This includes the Mall at Prince George+GGs to thewest which was renovated/expanded in 2018-2019 and has immense residential development plannedaround its metro accessible location; The Station at Riverdale Park to the north, anchored by the County+GGsfirst Whole Foods; The Headen Spring Mixed-Use Development and Riverdale Purple Line station to theeast; and the $200 Million Arts District revitalization to the south, with popular venues like by Busboysand Poets. This location is also 0.3-miles to the Riverdale MARC station, one-mile west of the HyattsvilleCrossing Green Line Metro station, and one-mile east of the much-anticipated Purple Line+GGs RiverdalePark-Kenilworth station. All of these projects will provide a direct lift to property values in the market, and ikely lead to the eventual redevelopment of this site.
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0BEDS
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0.23ACRES
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0BATHS
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01/2 BATHS
Description
10-YEAR EXTENSION OF ESTABLISHED VET HOSPITAL +GG Lynn Animal Hospital has operated heresuccessfully since 1946. In July 2023, the Tenant, SVP Lynnah, LLC, elected to extend the term of its leasefor 10 years. A minimal concession was provided as inducement for the extension; Landlord removedthe 3% annual rental increases in exchange for a rental increase of 8% percent in 2028, and 2% annualincreases during the five-year option period. This is a strong indication of the tenant+GGs commitment to thelocation, and evidence of its profitability.PROXIMATE TO LARGE-SCALE DEVELOPMENT +GG The property is within 1.5-miles of considerablelarge-scale development in all four cardinal directions. This includes the Mall at Prince George+GGs to thewest which was renovated/expanded in 2018-2019 and has immense residential development plannedaround its metro accessible location; The Station at Riverdale Park to the north, anchored by the County+GGsfirst Whole Foods; The Headen Spring Mixed-Use Development and Riverdale Purple Line station to theeast; and the $200 Million Arts District revitalization to the south, with popular venues like by Busboysand Poets. This location is also 0.3-miles to the Riverdale MARC station, one-mile west of the HyattsvilleCrossing Green Line Metro station, and one-mile east of the much-anticipated Purple Line+GGs RiverdalePark-Kenilworth station. All of these projects will provide a direct lift to property values in the market, and ikely lead to the eventual redevelopment of this site.
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