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45 Park Place Drive, Covington, LA

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45 Park Place Drive

Covington, LA 70433-5184 - St Tammany Parish Submarket


Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:-
Building Size:23,308 SF Land Area:2.18 AC (94,961 SF)
For Sale Price:$3,943,171 Price/SF:$169.18
Cap Rate:7.00 %
Anchor Tenants:Petsmart



Sale Notes:
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the fee simple interest in a single-tenant, net-leased, PetSmart investment property at 45 Park Place Drive in Covington, Louisiana (the “Property”). PetSmart has been at this location since 2003 and recently demonstrated their commitment to the Property by exercising their 5-year renewal option early. This first renewal option extends their lease term through January 31, 2025. PetSmart has four, 5-year renewal options remaining, which include a fixed rent increase at the start of each term.

The PetSmart building is well-located on a corner parcel with ample parking, less than one mile from the heavily traveled Interstate-12. The Property is located immediately across the street from The Home Depot and Rouses Supermarket and is adjacent to a La-Z Boy Furniture Gallery and Battery World. Additional prominent retailers in the immediate trade area include Walmart, Lowe’s, Pier 1 Imports, CVS, Game Stop, Capital One Bank, Fed-Ex Print and Shipping Center, Outback Steakhouse, Starbucks, Subway, Wendy’s, IHOP, Waffle House and Burger King along with several national hotel chains including Comfort Inn, Clarion Inn, Holiday Inn, Staybridge Suites, Homewood Suites and Hampton Inn.

Horvath & Tremblay
Leigh Barcamonte
(781) 776-4000

Robert Horvath
(781) 776-4003

Todd R Tremblay
(781) 776-4000




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