PetSmart Building at Broadway Square Sells for $4+ Million

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PetSmart in the Broadway Square at 7727 East Broadway Blvd in Tucson sold for

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$4.04 million ($157 PSF) to an affiliate of Cole Real Estate Investments of Phoenix, Cole PM Tucson AZ, LLC. The 25,651 square-foot building (built 1981) was fully occupied by Pet Smart at time of sale and sold as a net investment.

Cole Real Estate Investments, Inc. (NYSE: COLE) recently announced a definitive agreement to merge with American Realty Capital Properties, Inc. (NASDAQ: ARCP). The merger of the two companies was announced on October 23rd.

PetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet retailer of services and solutions for the lifetime needs of pets, they employ approximately 52,000 associates and operate 1,289 stores and more than 196 in-store PetSmart PetsHotels® dog and cat boarding facilities in the United States, Canada and Puerto Rico. They provide a broad range of pet products and in-store services including pet adoption, boarding, grooming and training. The stores are stocked with more than 10,000 products and they are also a leading online provider of pet supplies and pet care information.

Through their in-store pet adoption partnership with PetSmart Charities they have helped save the lives of more than 5 million pets since 1994. PetSmart Charities, Inc. and PetSmart Charities of Canada, Inc. are independent, nonprofit organizations that save the lives of homeless pets and reduce shelter intake through spay/neuter efforts. In 2012, nearly 450,000 dogs and cats found homes through the organization’s adoption centers in all PetSmart stores and by sponsoring community adoption events. PetSmart Charities is the leader in granting money to help pets in need, with more than $28 million given in 2012 throughout North America.

They operate 196 in-store PetSmart PetHotels, dog and cat boarding facilities. These overnight boarding facilities feature associates who are hand-picked for their love of pets and at least one caregiver is always on the premises 24-hours-a-day. All of our PetSmart PetHotels and some of our additional store locations also offer Doggie Day Camp.

PetSmart Grooming Salons offer a full menu including nail trimming, ear cleaning and teeth brushing. With their PetSmart® Look Great Guarantee You’re Happy or it’s Free, pet parents are guaranteed great looking results or the grooming services are free.

Dogs become more disciplined each year with help from our PetSmart accredited pet training instructors. And with our SmartPet PromiseSM policy, training customers are guaranteed 100 percent satisfaction or they can take the class again for free (see store for details).

Expert veterinarian care is available in more than 60 percent of our stores, where Banfield Pet Hospital, operates full-service pet hospitals. These in-store pet hospitals operate independently of PetSmart® and employ more than 1,000 veterinarians who provide a full range of health care and emergency services. PetSmart® holds a 20.5 percent equity interest in Medical Management International, Inc. (MMI), the operator of Banfield Pet Hospital®.

Russ Hall, SIOR, GSCS and Steve Cohen, Principals and Industrial Specialists with Cushman & Wakefield | Picor of Tucson represented the seller, Redyns Development of Tucson in the transaction. Kyle Darling with Net Leased Advisors of Little Rock, AR represented the buyer.

For more information, Hall should be contacted at (520) 546-2747 and Cohen at (520) 546-2750. Darling can be reached at (512) 410-7755. For more information on PetSmart go to https://www.petsmart.com/.

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