RECENTLY EXTENDED CORPORATE LEASE •PetSmart has been at this location since 2007 and recently extended its lease to Aug 31, 2027 demonstrating long term commitment to this location. •Over 7 years remaining on a corporate guaranteed lease by PETSMART, Inc. •There are three, 5 year options each with 10% rent increases. • Tenant is responsible for taxes, insurance, and CAM and Landlord for roof, structure, and parking lot replacement *
LOCATED ON MAIN RETAIL CORRIDOR OFF I-90 •The property is well located off I-90 (30,090 VPD) which is Rapid City’s main retail corridor. •Surrounding national retailers include Lowe’s, Best Buy, Sam’s Club, Walmart, Hobby Lobby, Rushmore Mall and more. •The 5 mile population of this property is 72,347.
TAX FREE STATE •South Dakota is one of nine states which has no income tax. •South Dakota also has a lower sales tax rate than most other states.
RAPID CITY •Rapid City is second largest market in South Dakota and boasts a 2.4% vacancy rate. •Home to Mount Rushmore which attracts nearly 3 million tourists annually and Ellsworth Air Force Base which employs 5,000 military/civilian personnel. •The Rapid City trade area is expansive, reaching 200 miles into Nebraska and 150 miles into Wyoming.
STRONG CORPORATE TENANT •PETSMART, Inc.’s (NASDAQ: PETM) credit rating was recently raised to a B- from CCC (S&P) due to recent IPO of the PetSmart subsidiary, Chewy, Inc. •There are currently over 1,600 locations in the United States and Canada. •PetSmart has been in business since 1986 and has revenues over $6.49 billion.
*Landlord can collect an administrative fee not to exceed 5% of the common area costs.