Shore Capital Sells $268 Million Veterinary Real Estate Portfolio to Four Corners Property Trust

Shore Capital Partners has completed the sale of the real estate portfolio held by Shore Capital Real Estate Partners Fund I to Four Corners Property Trust (NYSE: FCPT) in a transaction valued at approximately $268 million, marking the successful exit of the firm’s inaugural real estate investment fund.

The portfolio comprises 102 Mission Pet Health veterinary properties across the United States. While ownership of the real estate has changed hands, Mission Pet Health will continue operating each location under long-term net lease agreements, ensuring uninterrupted veterinary services at the facilities.

The transaction closed on July 16, 2026.

The sale represents a milestone for Shore Capital’s real estate platform, which was established in 2021 to provide flexible real estate capital solutions alongside the firm’s private equity investment strategy. By integrating real estate financing into its buy-and-build model, Shore has enabled portfolio companies to unlock capital tied to owned properties while maintaining operational control through sale-leaseback structures.

Steve Malley, Shore partner and head of real estate, said the Mission Pet Health portfolio demonstrates how the firm’s strategy supports both portfolio company expansion and institutional-quality real estate investment opportunities.

He noted that Shore’s capital solutions helped Mission Pet Health finance acquisitions and continued growth while assembling a portfolio of mission-critical veterinary facilities that appealed to long-term net lease investors such as Four Corners Property Trust.

Mission Pet Health, one of the nation’s largest veterinary organizations with more than 930 locations, has used Shore’s real estate platform to support its acquisition strategy. As independent veterinary practices joined the organization, founders were offered opportunities to monetize owned real estate while Mission Pet Health remained the long-term operating tenant, providing liquidity to sellers and capital for continued expansion.

The completed transaction highlights the increasing role of sale-leaseback financing within healthcare services, where operators seek to redeploy capital from owned real estate into business growth while maintaining occupancy through long-term lease agreements.

Following the successful realization of Fund I, Shore is expanding its investment strategy through Shore Capital Real Estate Partners Fund II, which broadens the platform beyond veterinary facilities. The new fund will invest across Shore’s healthcare, food and beverage, business services and industrial portfolio companies, while also pursuing select third-party investment opportunities.

Justin Ishbia, Shore’s co-founder and managing partner, said the successful exit validates the firm’s integrated real estate investment strategy and provides a foundation for expanding the platform into additional sectors.

He said the broader mandate of Fund II will increase Shore’s ability to deliver flexible real estate financing solutions to both portfolio companies and external businesses while creating additional investment opportunities for institutional partners.

For Four Corners Property Trust, the acquisition expands its growing portfolio of healthcare-related net lease assets and further diversifies the real estate investment trust beyond its traditional restaurant holdings. The Mission Pet Health properties provide long-term, mission-critical healthcare real estate backed by one of the country’s largest veterinary operators, supporting FCPT’s strategy of acquiring stable, income-producing assets with high-quality tenants.

The transaction also underscores continued institutional demand for veterinary real estate, a property sector that has benefited from resilient consumer spending on companion animal healthcare and consolidation among veterinary practice operators.

Chicago-based Shore Capital manages approximately $17 billion in assets under management and related investment platforms across healthcare, business services, industrial, food and beverage, and real estate. The successful disposition of Fund I positions the firm to further expand its integrated real estate investment platform while continuing to support the growth of its portfolio companies through innovative capital solutions.