PetMed Relocating HQ To Newly Acquired Property Totaling 184,000 SF

PetMed Express will move its headquarters from Pompano Beach to Delray Beach after acquiring an office/distribution center building for $18.5 million.
The pet pharmacy acquired two office buildings for a combined 184,122 square feet on 14.3 acres of land through subsidiary 420 South Congress Avenue LLC. The seller was 420 South Congress Inc., an affiliate of Atlanta-based Stockbridge Real Estate Funds.
The price equates to $100 per square foot.
PetMed CFO Bruce S. Rosenbloom said the company plans to move into its new headquarters in December. It’ll house 180 to 190 employees there, he added.
 

“We needed to find a large enough facility for our warehouse, our call center and our executive offices,” Rosenbloom said. “The South Florida market was tight and it was tough to find space. We decided to buy instead of lease. That would be a better return on our money.”

Two tenants occupy 60,000 square feet and 28,000 square feet in the two buildings and they will stay there while PetMed takes the rest of the space, Rosenbloom said. One of those tenants is reading accessory seller Levenger.
The property was built in 1994 and last traded in 2012 for $8.77 million. There’s about two acres of vacant land there for potential expansion.
The building PetMed is leaving is at 1441 S.W. 29th Ave. The “PetMeds Buildings,” at 1441 S.W. 29th Ave. and 2900 Gateway Drive, were sold in May 2015 for $4,995,000, or $75 per square foot. The two buildings total 66,311 square feet on 5.83 acres.  Les Byron, Jr. SIOR, CCIM, Keith Kidwell, SIOR, CCIM, and Steve Davis, P.A. of Sperry Van Ness Commercial Realty in Fort Lauderdale represented the Buyer in the transaction. The buildings were constructed in 1970 by Les Byron, Jr.’s father, Les Byron Associates.
 

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