PetMed Express enters $37M sale-leaseback of headquarters and distribution center

PETMED EXPRESS INC

Sale price $37M for properties at 410 and 420 South Congress Ave, Delray Beach, FL.
Leaseback for 100,519 sq ft, 10-year term, base rent $15.25/sq ft first year, 3.5% annual increase.
Buyer is Redfearn Capital Acquisitions, LLC; due diligence up to 30 days, closing expected within 120 days.
Triple-net lease with operating cost pass-through; prepayment of third year rent and one-year security deposit.
Company cites strengthening balance sheet and unlocking shareholder value.

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