1321 Manhattan Blvd
Harvey, LA 70058
PetSmart · Retail Property For Sale

Capital Pacific is pleased to present an opportunity to acquire a PetSmart, a well-located, corporate NNN leased investment in one of the most recognizable cities in the U.S. The subject property is leased to PetSmart, the world’s largest specialty retailer for pet supplies. The company recently debuted its online retailer, Chewy, on the New York Stock Exchange and saw an astounding 86% rise in its price, valuing their online business at $9 billion (PetSmart owns 70% of the stock, see page 13 for more information). Petsmart has occupied this site since 2003 and recently extended their lease for an additional 5 years, speaking to the strength of this location. They have three remaining 5-year options to extend the lease, with an 8% rental increase during each of those options. The property is an absolute NNN lease, meaning that the tenant is responsible for all operating expenses, repairs, maintenance, insurance, and taxes, with Landlord having zero maintenance or expense responsibilities. The Property is located in the highly-desirable New Orleans market. It is well-positioned within a dense retail corridor, and occupies arguably the best corner within the corridor, benefiting from its high profile anchor tenants – Walmart, Lowe’s, and Sam’s Club, as well as neighboring pad sites Starbucks and McDonald’s, which further drive traffic to the center.