The largest pet specialty chain on corporate leases, and what to check on NN and NNN deals, from a NNN buyer’s broker with 225+ transactions.
A PetSmart NNN property is a big-box pet store, often about 18,000 to 27,000 square feet, in a shopping center or on its own lot, leased to PetSmart on a corporate lease. Leases vary: many are NN, with the landlord responsible for the roof and structure, and others are NNN. Rent increases of 10% every five years are common. PetSmart has more than 1,700 stores in the U.S., Canada and Puerto Rico, and more than 700 offer vet care.
PetSmart is a private company, owned since 2015 by an investor group led by BC Partners. Chewy, which PetSmart once owned, was separated from PetSmart in 2020 and does not back PetSmart leases. S&P rates PetSmart B+, below investment grade. With online pet sales growing, the store, the rent and the landlord’s duties matter on a 1031 exchange. Solid Investments FL has represented buyers on PetSmart deals in Coral Springs, Florida, on corporate leases. See them in our track record. Our buyer representation is always free to you.
| Tenant | PetSmart corporate; confirm the tenant and guarantor on each lease |
|---|---|
| Ownership | Private company, owned by an investor group led by BC Partners since 2015 |
| Credit rating | S&P B+ (PetSmart LLC), below investment grade |
| Stores | 1,700+ in the U.S., Canada and Puerto Rico (2026); vet care in 700+ |
| Chewy | Separated from PetSmart in 2020; not a PetSmart lease guarantor |
| Building size | Often about 18,000–27,000 SF |
| Lease type | NN (landlord handles roof and structure) is common; NNN also trades |
| Rent increases | Commonly 10% every 5 years |
| Renewal options | Multiple 5-year options |
| Typical cap rate (2026) | About 5.75%–7%, depending on the location, the lease type and the remaining term |
| Typical price range | About $4M–$12M+ |
Store counts and credit from company information and S&P coverage as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Many PetSmart leases are NN, leaving the landlord responsible for the roof, structure and sometimes the parking lot. Check the age and condition of each item and price those costs into your return.
PetSmart is private and rated B+ by S&P. Read exactly which entity signs the lease and which entity guarantees it. Chewy is a separate company and does not back PetSmart leases.
More pet food is bought online, and PetSmart has closed some stores in 2026 where the rent no longer made sense. Ask about store performance and compare it to the rent.
Compare the rent per square foot to what similar big boxes lease for nearby. Rent at or below market makes the space easier to re-lease.
Where a vet hospital operates inside the store, confirm who owns the clinic improvements and how that space is treated in the lease.
Many PetSmarts sit in shopping centers. Check the co-tenants, parking, access and any reciprocal agreements, since a strong center supports the store and re-leasing.
We’ve represented buyers on PetSmart deals in Coral Springs, Florida, on corporate leases:
Retail
Retail
Solid Investments FL is a Florida NNN buyer's brokerage headquartered in Lakewood Ranch (Sarasota), serving investors across Florida and nationwide, with 225+ NNN transactions, including PetSmart deals in Coral Springs, Florida. We help investors and 1031 exchange buyers find, underwrite and close PetSmart and other retail NNN properties nationwide, and our buyer representation is free.
As of 2026, PetSmart NNN properties generally trade around 5.75% to 7% cap rates. Long remaining terms, strong locations and NNN leases trade at the lower end, while NN leases with landlord duties and shorter terms trade higher.
PetSmart is a private company owned by an investor group led by BC Partners, which bought it in 2015. Chewy, which PetSmart once owned, was separated from PetSmart in 2020 and does not back PetSmart leases.
S&P rates PetSmart LLC B+, which is below investment grade. Confirm which PetSmart entity signs and guarantees your lease.
Not always. Many PetSmart leases are NN, where the landlord is responsible for the roof and structure, and sometimes the parking lot. Others are NNN. Rent increases of 10% every five years are common. Always read the landlord duties in the lease.
PetSmart has more than 1,700 stores and has closed some in 2026, such as stores in San Francisco and Folsom, California, as more pet food sales move online. Check store performance and compare the rent to the local market.
Confirm whether the lease is NN or NNN and the condition of the roof and structure, who signs and guarantees the lease, the rent per square foot versus the market, who owns any vet clinic improvements, and the strength of the shopping center.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ll help you vet the lease and the landlord duties. Tell us your budget and timeline; our buyer representation is completely free.
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