PetMed set to move HQ to Delray from Pompano

The publicly held retailer bought two buildings in Delray Beach for $18.5 million

TRD MIAMI /
Jan.January 23, 2016 04:15 PM

Publicly traded PetMed Express will relocate its headquarters from Pompano Beach to Delray Beach, where the retailer of pet supplies and medications has acquired two office buildings.

PetMed paid $18.5 million to two buildings in Delray Beach with a combined total of 184,122 square feet. The seller was an affiliate of Atlanta-based Stockbridge Funds. The sale price amounted to about $100 per square foot.

The buildings have two tenants that occupy 28,000-square-foot and 60,000-square-foot spaces, and they will remain there as PetMed occupies the rest of the space. The buildings opened in 1994 and last sold in 2012 for $8.77 million.

PetMed’s chief financial officer Bruce S. Rosenbloom told the South Florida Business Journal the company will move its headquarters in December to the  buildings in Delray Beach, where 180 to 190 PetMed employees will be based.

“We needed to find a large enough facility for our warehouse, our call center and our executive offices,” Rosenbloom told the newspaper.

“The South Florida market was tight and it was tough to find space,” he said. “We decided to buy instead of lease. That would be a better return on our money.”

PetMed’s headquarters is now located at 1441 Southwest 29 Avenue in Pompano Beach. [South Florida Business Journal] — Mike Seemuth


Related Articles

arrow_forward_ios
Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

Midtown Delray Beach rendering

Pebb Capital to buy Midtown Delray site for $40M after original owners end dispute

The Residences at Latitude Delray Beach and Marlena Demenus (Credit: LinkedIn)

Private equity firm pays $15M for Delray Beach apartments

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

13th Floor scores $22M loan to redevelop golf course in west Delray Beach

arrow_forward_ios