NNN Petco | 6.50% CAP | 10 Year Term Remaining
NNN Petco | 6.50% CAP | 10 Year Term Remaining
Marketing description
The Verger Team is pleased to present the opportunity to acquire a Single Tenant - NNN, Petco located in Lake Stevens, Washington, with a newly executed 10-Year Lease Extension. The 11,550 SQFT property is leased directly to Petco Animal Supplies Stores, Inc., the Corporate Operating entity with over 1,500 Locations Nationwide. The lease includes Scheduled Rent Increases every 5-Years, offering predictable income growth with minimal landlord expense exposure.
Strategically positioned within a high-barrier-to-entry retail corridor, the property offers excellent visibility and access along State Route 204, the primary east-west arterial connecting Lake Stevens to Everett and the I-5 corridor, with close proximity to State Route 9, the area’s dominant north-south highway. The site is surrounded by strong national retailers including Safeway, Target, and Ace Hardware, reinforcing its position within a proven retail trade area.
Strong demographics, historically low retail vacancy, and the continued growth of the Snohomish County economy, supported by major employers such as Boeing and the U.S. Navy, further underpin the long-term performance of the investment.
Investment highlights
- Recent 10-Year Lease Extension: Petco has exercised its Renewal Option early, securing an additional 10-Years of Firm Term and reinforcing its long-term commitment to the location.
- NNN Lease Structure: Petco operates under a NNN lease structure, providing the landlord with minimal management and expense responsibility.
- Corporate Signature: Petco Animal Supplies Stores, Inc., the corporate operating entity, operates more than 1,500 locations nationwide, providing added assurance of lease performance.
- Growing Industry: Over the past decade, the U.S. pet care industry has expanded from approximately $99 billion in 2015 to over $145 billion today, driven by rising pet ownership and sustained consumer spending.
- Sub-Market Vacancy: According to CoStar, the Lake Stevens retail submarket exhibits historically low vacancy, currently estimated at 2.5%.
- Strong Retail Trade Area with High Barriers to Entry: Surrounded by national retailers including Safeway, Target, Walgreens, Ace Hardware, and others, the property sits within a well-established retail corridor with limited new supply.
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