Absolute NNN Single Tenant Corporate PetSmart
located in Coral Springs (Ft. Lauderdale/Miami), FL
with Zero Landlord Obligations - The Tenant is responsible
for all property taxes, insurance, and maintenance/repairs.
Established Location -
PetSmart has occupied this location since 2005 and showing
its commitment to the location, recently exercised a 5-year
extension early (8+ years left on Lease). There is a 4.4%
rent increase in February 2021 and 2 x 5 year options to renew
with rent increases.
High Traffic Counts –
47,000 VPD on Sample Road; 47,000 VPD on SR7; and 15,000 VPD
on Turtle Creek Dr.
Coral Springs is a city in Broward County, Florida approximately
20 miles northwest of Fort Lauderdale. As of 2010, the United
States Census, the city had a population of 121,096. The city
is part of the Miami - Fort Lauderdale - Pompano beach metropolitan
statistical area, which was home to 5,564,635 people as of
The city, officially chartered on July 10,
1963, was master planned and primarily developed by WCI communities,
then known as Coral Ridge Properties, a division of Westinghouse.
During the 1970’s, 1980’s and 1990’s the
young city grew rapidly, adding over 35,000 residents each
decade. Coral Springs has notably strict building codes, which
are designed to maintain the city’s distinctive aesthetic
appeal. The city government’s effective fiscal management
has maintained high bond ratings and the city has won accolades
for it’s overall livability, it’s low crime rate
and its family friendly orientation. Coral Springs was ranked
as the 27th best city in the United States in which to live
by Money Magazine in 2006 was named the 10th safest city in
the US by Morgan Quitno in 2007 and was a multiple recipient
of America's Promise "100 Best Cities for Young People"
award, identified by the group as a three-time winner in 2008
PetSmart, Inc. is the largest specialty pet retailer of services
and solutions for the lifetime needs of pets. At PetSmart,
we love pets, and we believe pets make us better people. We
employ 53,000± associates, operate 1,500 pet
stores in the United States, Canada and Puerto Rico
and approximately 203 in-store PetSmart® PetsHotel®
dog and cat boarding facilities. PetSmart provides a broad
range of competitively priced pet food and pet products and
offers dog training, pet grooming, pet boarding, PetSmart
Doggie Day Camp day care services and pet adoption services
in-store. Our portfolio of digital resources for pet parents
– including PetSmart.com, PetFoodDirect.com, Pet360.com,
OnlyNaturalPet.com and petMD.com – offers the most comprehensive
online pet supplies and pet care information in the U.S.
Additionally, expert veterinarian care is
available in more than 60% of its stores, where Banfield Pet
Hospital operates full-service pet hospitals. These in-store
veterinary clinics operate independently of PetSmart and employ
more than 1,000 veterinarians who provide a full range of
health care and emergency services. Through its unique relationship
with Banfield, PetSmart is allowed to sell unique therapeutic
pet foods at its stores with Banfield Hospitals. This offers
a competitive advantage that cannot be easily duplicated.
PetSmart holds a 20.5% equity interest in Medical Management
International, Inc. (MMI), the operator of Banfield Pet Hospital.
In 2015 PetSmart was acquired by BC Partners
and taken private through an $8.7 billion buyout. The company
had Total Revenue of $1.9 billion and Net Income of $132 million
prior in FYE 2015. Since the buyout, top executives have been
completely changed over, and EBITDA growth has exceeded 16%
in the new team’s first 9 months of operations. BC Partners
is a private equity firm specializing in buyouts and acquisitions
financing in Europe and the United States. The firm invests
across all industries. BC Partners was founded in 1986 and
is based in London with additional offices in Paris; New York
City; Milan and Hamburg.