PetMed Express entered into a real estate sale-leaseback with Redfearn Capital Acquisitions to sell its properties at 410 and 420 South Congress Avenue, Delray Beach, for $37.0 million and lease back its 100,519-square-foot headquarters. The buyer will place $0.5 million and $1.7 million in escrow around the due diligence period, which can extend up to 45 days, with closing 30 days after diligence ends. The 10-year triple-net lease starts at $15.25 per square foot with 3.5% annual increases, includes three 5-year extension options at market rent with 3.5% annual bumps, requires prepayment of the third year’s base rent, and a security deposit equal to one year’s rent. The deal is intended to monetize real estate and enhance liquidity.
Agreement details:
- Agreement type: Real estate sale-leaseback of headquarters and adjacent property
- Counterparty: Redfearn Capital Acquisitions
- Signed / Effective: Jul 23 2026 / Jul 23 2026
- Duration / Termination: 10-year initial lease term with three 5-year extension options
- Reason: Unlock real estate value and fund operations
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.