Chewy | 7yr Corp | Near Louisville Int'l Airp 3621 Fern Valley Rd

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an modified gross, freestanding, Chewy, Inc., office investment property located in Louisville, KY. The tenant, Chewy, Inc., has approximately 7 years remaining in their initial term with 2 (5-year) options to extend, demonstrating their commitment to the site. Chewy, Inc. is an online retailer of pet food and other pet-related products owned by PetSmart, and this location is their first call center with 340 agents to field calls. To accommodate their growth, the tenant has an option to expand the building an additional 10,000 SF**. The lease features 2.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The tenant reimburses all operating expenses in excess of the recognized 2019 base year expenses (see pages 17 & 18 for more details).
**Tenant has the on-going option to expand their building improvements by an additional 10,000 SF to accommodate their growth. As such, to meet parking requirements in the lease, the tenant would take over a portion of the parking lot north of the building and increase their parcel size.