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Phoenix & Southwest  + Phoenix  + Office  | 

PetSmart HQ Sells to BPM Real Estate

The PetSmart headquarters, a 365,000-square-foot class A office campus located at 19601 N. 27th Ave. in Phoenix, was recently acquired by BPM Real Estate Group. The three-building facility was originally constructed as a 186,000-square-foot build-to-suit property and has been occupied by sole tenant PetSmart since 1997.

3650 REIT originated a $68 million senior first-mortgage loan for the transaction. The loan carries a term of 84 months and was provided to sponsor BPM.

“Phoenix’s office market has enjoyed stabilized occupancy, elevated leasing rates and reduced rent concessions over the last two years, and we expect economic conditions will only continue to improve,” said Toby Cobb, 3650 REIT co-founder and managing partner. “As the headquarters of a well-established international brand in PetSmart, the outlook for the property remains strong.”

Since 1997, the headquarters has undergone several improvements including two additional 90,000-square-foot buildings constructed in 2008 and a six-level 1,224-space parking structure.

The property is located in Phoenix’s Deer Valley submarket situated 18 miles north of the city’s central business district. It resides at the junction of Interstate 17 and Loop 101, providing accessibility to employees commuting from around the city as well as visibility and signage exposure to more than 220,000 vehicles per day. The property’s surrounding thoroughfares provide easy access to the greater Phoenix MSA.

The loan was arranged by Ramsey Daya and Stephen Scarpulla of Newmark.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Acquisition
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