Petco Fridley 753 53rd Ave NE 15,240 SF Retail Building Fridley, MN 55421 $4,750,000 ($311.68/SF) 7.39% Cap Rate

CBRE is pleased to offer for sale the Petco located in Fridley, Minnesota. The property consists of a 15,240-square-foot retail building situated on 1.97 acres at the highly visible intersection of Interstate 694 and Central Avenue (Highway 65). This prominent retail corridor benefits from combined traffic counts exceeding 160,000 vehicles per day, providing exceptional visibility and accessibility.
The subject property is shadow-anchored by Target and benefits from its proximity to Medtronic’s operational headquarters located immediately north of Interstate 694. The adjacent Target was recently selected as one of twenty-eight Twin Cities locations identified by Target Corporation for a significant store remodel, reflecting the retailer’s long-term confidence in the strength of the trade area. The Fridley Target features expanded grocery offerings, pharmacy services, and ranks #14 out of approximately 70 Minnesota locations for site visits according to Placer.ai.
Petco originally executed a fourteen-year lease in 2005 and has demonstrated continued commitment to the location through multiple early lease extensions and option renewals. Most recently, the tenant executed a new ten-year lease extension in 2025. As part of this extension, Petco selected the Fridley location for its Vetco Total Care Animal Hospital program, a full-service veterinary concept integrated within select Petco stores. The comprehensive care offered includes but is not limited to diagnostics, surgery, and dentistry. The Fridley store is one of only four locations in Minnesota selected for the Vetco Total Care model. To support the program, Petco completed a significant interior and exterior renovation at its own expense, further demonstrating its long-term investment in the location. The Fridley store also exhibits strong unit-level performance, currently ranking as the #3 Petco location in Minnesota for site visits according to Placer.ai.
The lease structure is NNN (landlord responsible for building and roof structure (excluding roof membrane)), providing for minimal landlord responsibilities, and features attractive 10 percent rental increases in year six of the remaining base term and within each option period. Petco operates more than 1,400+ locations nationwide and is widely recognized as one of the leading pet specialty retailers in the United States.
The property is located in the City of Fridley, approximately ten miles north of downtown Minneapolis. Fridley is home to more than 30,000 residents and benefits from a strong employment base anchored by major corporate campuses and manufacturing facilities including Medtronic, Cummins, and BAE Systems.