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Absolute NNN Corporate Lease | ZERO Landlord Responsibilities
Strong Commitment to Site – Recent 5-Year Early Renewal | Established Location | Bumps Every 5-years

Available

CONTACT:

Derrick Schroeder
Net Leased Specialist
954-296-6955
Click for Email


INVESTMENT HIGHLIGHTS:

Strong Corporate Lease Guarantee -PetSmart is the Largest Specialty Pet Retailer in the US with over 1,500 Locations
• Absolute NNN Lease - ZERO Landlord Responsibilities
Strong Commitment to Site – Recent 5-Year Early Renewal (8 years Left on Base Term)
• Rent Increases Every 5-Years
• Excellent Affluent Location – Avg HH Income Exceeding $90,000 within 1-Mile
• Located near Target, WalMart, Home Depot, Lowe's, Seminole Coconut Creek Casino, Mercedes Benz and much more
Sale Includes BOTH Building & Land (Depreciable Asset)
Dense Location - Total Population of 15,530 within 1- Mile and almost 375,000 within 5-miles
Rare South Florida Location | FL has No State Income Tax

Price:
$6,178,000
NOI:
$370,676
CAP Rate: 6.0%
Years Remaining on Lease: 8+ Years
Rent Increases: 4.4% in Feb 2021
Options: 2 x 5 Year w/Bumps
Building Size: 19,107± SF
Lot Size: 2.09 AC
Rent Commencement:
October 2005
Lease Expiration:
January 2026
Net Lease Investment:
Absolute NNN

 

Property Description:
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.

About the Location:
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 2010.

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

About the Tenant:
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.

2016 Demographics
1 Mile
3 Mile
5 MilE
Population
15,530
135,635
372,084
Avg Household Income
$90,629
$74,424
$72,090
 
AERIALS/PHOTOS
 

The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

The properties shown on this website may or may not be exclusively listed by SOLID INVESTMENTS at Berger Reatly Group. All information shown on www.SolidInvestmentsFL.com is believed to be accurate, but is not warranted.

Solid Investments
of Berger Realty Group