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PetSmart Below-Market | New 15-Yr Lease 250 Fairview Dr 18,384 SF Retail Building Carson City, NV 89701 $5,859,840 CAD ($318.75 CAD/SF) 6.35% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand-Backed Security: Lease guaranteed by PetSmart, Inc.—a $11B+ national retailer with over 1,660 stores and 50,000+ employees.
- New 15-Year Lease: Recently extended through 2040, featuring scheduled rent escalations and three 5-year renewal options.
- Resilient Industry: Pet care remains a necessity-driven, recession-resistant sector with strong long-term fundamentals
- Below-Market Rent: Currently leased at $14.50/SF, offering significant upside in a market where retail rents approach $30/SF.
- Robust Economic Growth: Nevada reported 6.0% GDP growth in 2024, supported by expansion in tech, logistics, and clean energy sectors.
- Minimal Landlord Responsibilities: Landlord responsible only for roof, structure, and parking—offering a highly passive investment
EXECUTIVE SUMMARY
Strategically positioned within a thriving retail center anchored by Lowe’s, CVS, and Office Depot, the property benefits from strong tenant synergy, excellent visibility, and an oversized parking lot with multiple access points.
Fronting U.S. Route 395—Carson City’s primary thoroughfare with traffic counts exceeding 42,000 vehicles per day—this location offers superior exposure in one of the market’s most active commercial corridors.
PetSmart has called this site home for the past 22 years, having occupied the space since the center's development in 2002, and continues to thrive at this location as evidenced by their recent commitment to a new 15-year lease extension.
The asset consists of a 18,384-square-foot building on a separately subdivided 1.45-acre parcel within a 210,996-square-foot shopping center. It includes a dedicated parking lot with 101 spaces and also benefits from access to the center’s expansive shared parking area.
Prominent signage placement on the monument sign along Lincoln Highway further enhances visibility to passing traffic and nearby consumers.
The property is surrounded by strong national co-tenants, including Chef’s Store, further reinforcing its status as a key retail destination in the area.
PROPERTY FACTS
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
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- Retailer
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Jan 0000
PetSmart is the leading pet retailer offering products, services and solutions for the lifetime needs of pets. At PetSmart, they love pets, and they believe pets make them better people. Every day with every connection, PetSmart’s passionate associates help bring pet parents closer to their pets so together they can live more fulfilled lives. This vision impacts everything they do for their customers, the way they support their associates and how they give back to their communities. PetSmart operates pet stores in the United States, Canada and Puerto Rico, as well as in-store PetSmart PetsHotel® dog and cat boarding facilities. They provide a broad range of competitively priced pet food and products as well as services such as dog training, pet grooming, pet boarding, PetSmart Doggie Day Camp™ and pet adoption.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
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Retailer | - | - | Jan 0000 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 004-012-29 | Improvements Assessment | $665,130 CAD |
| Land Assessment | $311,082 CAD | Total Assessment | $976,212 CAD |
PROPERTY TAXES
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PetSmart Below-Market | New 15-Yr Lease | 250 Fairview Dr
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