2601 Sharkys Dr
Latrobe, PA 15650
Pet Valu | 10% Increases Every Five Years · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in this newly constructed 3,990-square-foot Pet Valu in Latrobe, Pennsylvania. The Tenant, Pet Valu, Inc., has nine years remaining on an initial 10-year NN lease. The lease features 10 percent rental increases every five years during the base term and two, five-year option periods. Sales are not reported at this location though management notes that the Tenant is exceeding projected sales volumes. To an investors benefit, the rental rate of this offering is a reasonable $20-per-square-foot approximately. Similar sized spaces in the older, lesser positioned Kmart center across the street are leasing $12-$15-per-square-foot NNN (in second generation space). Additionally, the dimensions and size of the subject are of a size that would allow for easy re-tenanting to a variety of retailers, or demising for two retailers. Taken private by an affiliate of Roark Capital in August 2009, Pet Valu is Canada’s largest pet supply retailer with over 500 locations, and the third largest national pet store chain in the United States. In July 2016, Pet Valu and Pet Supermarket merged. Upon doing so they are the dominant “small footprint” pet specialty retailer in North America, named Pet Retail Brands. With over 930 stores, the brand will generate approximately $1 billion in system-wide retail sales across the US and Canada. Pet Valu is situated along a dense regional retail corridor within the Pittsburgh MSA. The Property is located along US Route 30, which runs east-west across the southern part of the state through Pittsburgh and Philadelphia on its way east into New Jersey. The Tenant is positioned at the entrance to the larger Unity Village Shoppes, a newly constructed 43,484-square-foot shopping center anchored by Aldi and Walgreens. The overall center has three means of access including a signaled intersection at Route 30 and Sharky’s Drive. The Property is located adjacent to a 4,080-square-foot Starbucks and Verizon Wireless strip with excellent frontage and a shared parking field. This is a high-traffic, established regional retail corridor which averages more than 38,000 vehicles per day.