The Real Deal Miami

PetMed set to move HQ to Delray from Pompano

The publicly held retailer bought two buildings in Delray Beach for $18.5 million
January 23, 2016 04:15PM

PetMed Express trades on NASDAQ under ticker symbol PETS.

PetMed Express trades on NASDAQ under ticker symbol PETS.

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