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 Echelon in Delray Beach

Developer plans boutique oceanfront condo project in Delray Beach

Developer plans boutique oceanfront condo project in Delray Beach
3200 South Federal Drive Delray Beach, Oak Street Real Estate Capital’s Jim Hennessy (Credit: Google Maps and LinkedIn)

Private equity firm sells Walgreens in Delray Beach for $8M

Private equity firm sells Walgreens in Delray Beach for $8M
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M
Anabella Smith, Louis Archambault, Scott Goldstein

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
(Credit: iStock)

Here’s how South Florida’s office market is changing in the coronavirus era

Here’s how South Florida’s office market is changing in the coronavirus era
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...