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SEATTLE-Pet’s Choice, a chain of 48 community veterinary hospitals and specialty practices based in Bellevue, WA, has signed a long-term lease for a 23,494-sf building in Lynwood that is being renovated for use as a 24-hour veterinary emergency/critical care and specialty center.

The building is located at 20115 44th Avenue West in Lynnwood, WA. Pet’s Choice leased the property from four investors who jointly acquired the property in April, completing separate 1031 exchanges. The sale price was $2.42 million, according to Snohomish County records; Ty Corporation acquired a 36.6% share, Frater Properties acquired a 36% share and the Michiels family, using two different entities, acquired a 27.4% share.

Pet’s Choice was represented in the transaction by Jeff Chaney of GVA Kidder Mathews and the building owners were represented by Dan Mathews and Chris Corr, also of GVA Kidder Mathews. Mathews tells GlobeSt.com that the tenant “fell in our lap” as the investors were in escrow to acquire the building, which at the time was 60% vacant.

Pet’s Choice currently operates out of the Animal Emergency and Referral Center on 196th Avenue and 24th Avenue West in Lynnwood. Its move to the new location will occur later this year. The brokers involved in the transaction declined to reveal the amount Pet’s Choice is paying to lease the building, but local brokers familiar with the building and the market say the going market rate is about $14 per sf, not including owner concessions such as free rent and allowances for tenant improvements.

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