Petco
Closed298 Spring Creek Dr, Franklin, TN 37067
Property type
Retail
Unit / Space count
1
Price
$3,928,800
Building size
10,903 sf
Rentable area
10,903 SF
Year built
2014
Year renovated
Occupancy
Zoning code
Lot size
0.45 Acres
Sold/status
Sold · Date unknown
Sale price
$3928800
CAP
6.00%
Net Operating Income
$235,731
Property description
Franklin Street is pleased to present this single tenant Petco location in Franklin, Tennessee. Franklin is part of the Nashville metropolitan which is home to over 1.96M residents. Franklin is an affluent suburb 14 miles south of downtown Nashville with some of the highest average household incomes in the entire MSA. Franklin is also one of the fastest growing areas in Nashville as well, with 33% population growth in the last 10 years. The Petco location is conveniently located off an I-65 exit with easy access to surrounding neighborhoods and the office submarket. The property shares a parking lot with a busy Kohls' location and is across from the newest large scale mixuse development in the area, McEwen Northside. Petco is the second largest pet supplies retailer in the nation. They have lowered their debt level by 52% in the last year and produced record revenue of $1.4B in 1Q 2021. Since the beginning of the Pandemic there are more pets in peoples homes than ever before in history, increasing the potential clients for Petco, which has put the company in a better position financially than ever before.
Property highlights
- Single tenant Petco with 3.5 Years remaining on lease in the Nashville MSA
- Outstanding A++ real estate with Interstate visibility (127,168 VPD)
- Located across from the new development McEwen Northside: 745,000 SF of Class A office space, 113,000 SF of restaurants and specialty retail, a 310-room business-class hotel, and 770 luxury apartments
- Replaceable rent: Multiple recent leases signed for similar square footages at $25 PSF in market
- Shared parking lot with Kohls at a lighted intersection
- Petco reported record results for 1Q 2021: 28% same store sales growth
- Surrounded by national retailers driving traffic to the area including: Walmart, Whole Foods, Sam's Club, Lowes, AMC, and many others
- Extremely tight market with only 2.5% vacancy and 5.8% annual market rent growth in 2020