PetMed—which operates 1-800-PetMed—bought 420 South Congress, a 204k SF flex warehouse in Delray Beach for $18.5M (sans closing costs). PetMed is moving both its distribution and HQ operations to the facility, occupying 99k SF of it, while leasing the rest out to two separate tenants.
The move was a necessity given an unnamed tenant purchased PetMed's current HQ at 1441 SW 29th Ave in Pompano Beach, forcing the online pet pharmacy to pack up, says company CFO Bruce Rosenbloom. During a recent investor conference call, PetMed officials stated that the company intends to move to the new facility this fall.
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