Miscellaneous

PetSmart

925 Disk Dr, Rapid City, SD 57701

Listing Price: $4,194,000

Cap Rate
8.25%
Tenant Name
PetSmart
Years Remaining On Lease
6.6
Gross SF
20,374
Guarantor
Corporate Guarantee
Rentable SF
20,374
Price/Gross SF
$205.85
Lease Type
Double Net
Rent Per Square Feet
$16.98

Investment Overview

RECENTLY EXTENDED CORPORATE LEASE • PetSmart has been at this location since 2007 and recently extended its lease to Aug 31, 2027 demonstrating long term commitment to this location. • Over 7 years remaining on a corporate guaranteed lease by PETSMART, Inc. • There are three, 5 year options each with 10% rent increases • Tenant is responsible for taxes, insurance, and CAM and Landlord for roof, structure, and parking lot replacement * LOCATED ON MAIN RETAIL CORRIDOR OFF I-90 • The property is well located off I-90 (30,090 VPD) which is Rapid City’s main retail corridor • Surrounding national retailers include Lowe’s, Best Buy, Sam’s Club, Walmart, Hobby Lobby, Rushmore Mall and more • The 5 mile population of this property is 72,347. TAX FREE STATE • South Dakota is one of nine states which has no income tax • South Dakota also has a lower sales tax rate than most other states RAPID CITY • Rapid City is second largest market in South Dakota and boasts a 2.4% vacancy rate • Home to Mount Rushmore which attracts nearly 3 million tourists annually and Ellsworth Air Force Base which employs 5,000 military/civilian personnel • The Rapid City trade area is expansive, reaching 200 miles into Nebraska and 150 miles into Wyoming. STRONG CORPORATE TENANT • PETSMART, Inc.’s (NASDAQ: PETM) credit rating was recently raised to a B- from CCC (S&P) due to recent IPO of the PetSmart subsidiary, Chewy, Inc. • There are currently over 1,600 locations in the United States and Canada • PetSmart has been in business since 1986 and has revenues over $6.49 billion *Landlord can collect an administrative fee not to exceed 5% of the common area costs.

Investment Highlights

  • Recently Extended Corporate Lease
  • Located on Retail Corridor Off I-90 (38,835 VPD)
  • 5-Mile Population Of 72,347
  • Tax Free State
  • Strong Corporate Tenant | 1,660 Locations

Exclusively Listed By

  • Don McMinn

    Senior Managing Director Investments

    Email Don

    License(s): GA: 292036

    Atlanta

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    License(s): SD: 17724

    South Dakota

Listing Price: $4,194,000

Cap Rate
8.25%
Tenant Name
PetSmart
Years Remaining On Lease
6.6
Gross SF
20,374
Guarantor
Corporate Guarantee
Rentable SF
20,374
Price/Gross SF
$205.85
Lease Type
Double Net
Rent Per Square Feet
$16.98

Investment Highlights

  • Recently Extended Corporate Lease
  • Located on Retail Corridor Off I-90 (38,835 VPD)
  • 5-Mile Population Of 72,347
  • Tax Free State
  • Strong Corporate Tenant | 1,660 Locations

Investment Overview

RECENTLY EXTENDED CORPORATE LEASE • PetSmart has been at this location since 2007 and recently extended its lease to Aug 31, 2027 demonstrating long term commitment to this location. • Over 7 years remaining on a corporate guaranteed lease by PETSMART, Inc. • There are three, 5 year options each with 10% rent increases • Tenant is responsible for taxes, insurance, and CAM and Landlord for roof, structure, and parking lot replacement * LOCATED ON MAIN RETAIL CORRIDOR OFF I-90 • The property is well located off I-90 (30,090 VPD) which is Rapid City’s main retail corridor • Surrounding national retailers include Lowe’s, Best Buy, Sam’s Club, Walmart, Hobby Lobby, Rushmore Mall and more • The 5 mile population of this property is 72,347. TAX FREE STATE • South Dakota is one of nine states which has no income tax • South Dakota also has a lower sales tax rate than most other states RAPID CITY • Rapid City is second largest market in South Dakota and boasts a 2.4% vacancy rate • Home to Mount Rushmore which attracts nearly 3 million tourists annually and Ellsworth Air Force Base which employs 5,000 military/civilian personnel • The Rapid City trade area is expansive, reaching 200 miles into Nebraska and 150 miles into Wyoming. STRONG CORPORATE TENANT • PETSMART, Inc.’s (NASDAQ: PETM) credit rating was recently raised to a B- from CCC (S&P) due to recent IPO of the PetSmart subsidiary, Chewy, Inc. • There are currently over 1,600 locations in the United States and Canada • PetSmart has been in business since 1986 and has revenues over $6.49 billion *Landlord can collect an administrative fee not to exceed 5% of the common area costs.

Exclusively Listed By

  • Don McMinn

    Senior Managing Director Investments

    Email Don

    License(s): GA: 292036

    Atlanta

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    License(s): SD: 17724

    South Dakota

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