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Sherwin-Williams, Clinton, UT

Sherwin-Williams, Clinton, UT


Investment Summary

Price $3,200,000
Cap Rate 5.25%
NOI $168,000
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 10% rental increases every five (5) years
Year Built 2024
Building Size 4,500 SF
Lot Size 0.50 acres (21,783 SF)
Status Under Contract
Lead Brokers Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 10-YEAR NET LEASE TO INVESTMENT-GRADE CREDIT TENANT
» 10-year net lease to strong and growing corporate tenant
» Scheduled 10% rental increases every five (5) years
» Sherwin-Williams (NYSE: “SHW”) is rated “BBB” by Standard & Poor’s
» Over the last three years, Sherwin-Williams has grown EPS by 11% per year
» E-commerce proof tenant
» Sherwin-Williams is ranked #175 on the Fortune 500 list

STRATEGIC LOCATION NEAR HILL AIR FORCE BASE
» Located along North 2000 West with access to more than 23,000 vehicles per day passing directly in front of the site
» Less than three miles from Hill Air Force Base, the sixth-largest employer in Utah
» There are 21,938 total personnel working within Hill Air Force Base (5,014 military; 14,263 civilians; and 1,600 contractors) with an additional 4,959 military dependents
» Minutes from Park Plaza, Clinton’s main major retail hub anchored by Lowe’s Home Improvement (the #4 Most Visited Lowe’s in UT with 545K annual visitors) and Kohl’s and tenanted by Walgreens, Petco, Ross Dress for Less, McDonald’s, Arby’s, and more
» Less than two miles from Cranefield Estates (a brand new master-planned community featuring 137 acres of open space and a manicured golf course adjacent to the community), serving as a reliable source of customers for the site

DENSELY-POPULATED CITY WITH PROXIMITY TO SALT LAKE CITY
» 185,384 people live within five miles of the site (a 21% increase since 2010)
» The average annual household income within one mile of the site is over $110,000, providing an affluent demographic for the area
» This Sherwin-Williams is approximately 30 miles north of Salt Lake City, the capital and most populous city of Utah
» Ranked in the top 50 largest metropolitan statistical areas in the U.S., the Salt Lake City MSA has a population of over 1,200,000
» Utah is home to a myriad of ski resorts, including Alta Ski Area, Brighton Ski Resort, Snowbird Ski Resort, and Solitude Mountain Resort, attracting 2M visitors per year to the surrounding areas

HIGH QUALITY 2024 UPGRADED CONSTRUCTION
» New high-quality 2024 construction built to Sherwin-William’s latest prototype

Property Description

» Excellent Location: This Sherwin-Williams is located along North 2000 West with access to 23,413 vehicles per day passing directly in front of the site
» Located Near A Major U.S. Air Force Base: This Sherwin-Williams is less than three miles from Hill Air Force Base, home to more than 20,000 personnel working and living on the base
» Densely Populated: 185,384 people live within five miles of the site (a 21% increase since 2010), and the site is surrounded by densely populated residential communities including Cranefield Estates, Clinton Homestead, and Sun Ray
» Affluent Area: The average annual household income within a one mile radius of the siter is $114,549, providing an affluent demographic for the area
» Proximity to Major Retail Hubs: The site has excellent proximity to highly-trafficked retail hubs which provide the property with a consistent customer base, such as Park Plaza (anchored by the #4 Most Visited Lowe’s in the state and Kohl’s)
» Gateway to Salt Lake City: This Sherwin-Williams is approximately 30 miles north of Salt Lake City, the capital and most populous city of Utah with a population of over 1,200,000
» New High-Quality Construction: The property is a high-quality 2024 construction built to the latest Sherwin-Williams prototype

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