June 5, 2018 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of PetSmart in Covington, Louisiana. Horvath & Tremblay represented the seller to close the property at a sale price of $3,640,000.
PetSmart fully occupies a free standing 19,235-square foot building located on Park Place Drive in Covington. PetSmart has been operating at this location since 2003 and recently demonstrated their commitment to the Property by exercising their 5-year renewal option early. This first renewal option extends their lease term through January 31, 2025. PetSmart has four, 5-year renewal options remaining, which include a fixed rent increase at the start of each term.
The PetSmart building is well-located on a corner parcel with ample parking, less than one mile from the heavily travelled Interstate-12. The Property is located immediately across the street from The Home Depot and Rouses Supermarket and is adjacent to a La-Z Boy Furniture Gallery and Battery World. Additional prominent retailers in the immediate trade area include Walmart, Lowe’s, Pier 1 Imports, CVS, Game Stop, Capital One Bank, Fed-Ex Print and Shipping Center, Outback Steakhouse, Starbucks, Subway, Wendy’s, IHOP, Waffle House and Burger King along with several national hotel chains including Comfort Inn, Clarion Inn, Holiday Inn, Staybridge Suites, Homewood Suites and Hampton Inn.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.