MAJ Commercial Real Estate is pleased to present the opportunity to acquire
a single-tenant NNN investment located in Poulsbo, WA. The subject property,
situated at 21700 Market Pl NW, is 100% leased to Petco, a leading pet specialty
retailer operated by Petco Health and Wellness Company, Inc. (NASDAQ: WOOF),
one of the largest pet specialty retailers in the country with +1,350 stores across the
U.S., Mexico, and Puerto Rico. The property features a ±15,000 SF building situated on
a ±77,537 SF (±1.78-acre) site, built in 2008, and is structured as an NNN lease.
The property is anchored by Home Depot and Walmart Supercenter within the
Poulsbo MarketPlace. Poulsbo, sits in the northern end of Kitsap County, roughly 22
miles west of Seattle and 48 miles north of Tacoma, and has seen strong population
and housing-value growth, offering an above-average income trade area for a net
lease investor.
Petco has recently exercised its first five-year renewal option, extending the
lease from May 1, 2027 through April 30, 2032, reaffirming the tenant's long-term
commitment to the location.