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Sherwin-Williams, Pittsboro, NC

Sherwin-Williams, Pittsboro, NC


Investment Summary

Price $2,200,000
Cap Rate
NOI
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases Approximate 8% rental increases every five (5) years in option periods
Year Built 2022
Building Size 4,001 SF
Lot Size 18 parking stalls with 2 handicap stalls
Status Closed
Lead Brokers 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

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

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 10-YEAR NET LEASE TO INVESTMENT-GRADE TENANT
» 10-year net lease with annual sales over $23 billion to strong and growing corporate tenant
» Scheduled rental increases in option periods
» Sherwin-Williams (NYSE: “SHW”) is rated “BBB” by Standard & Poor’s
» New 2022 construction built to latest Sherwin-Williams prototype
» New 15-year transferable roof warranty
» E-commerce proof tenant

EXCELLENT LOCATION NEAR ONE OF THE LARGEST COMMERICAL DEVELOPMENTS IN THE U.S.
» High-visibility and easily accessible location along U.S. Route 501/Hillsboro Street (14,500 AADT)
» Excellent location near U.S. Route 64, allowing the site to capture significant commuter traffic (combined 17,000 AADT)
» Across from Mosaic’s Chatham Park Development, one of the largest commercial developments in the U.S.
» Mosaic’s Chatham Park Development is a 7,000+ acre mixed-use community to feature 22M SF of commercial/retail space and will create a $170B economic impact for Pittsboro and the surrounding area
» Ideal proximity to major national tenants such as Lowe’s, AutoZone, O’Reilly, McDonald’s, Papa John’s, KFC, Taco Bell, Bojangles, Truist, and many more

RAPIDLY GROWING CITY WITH EXCELLENT RESEARCH TRIANGLE PARK DEMOGRAPHICS
» Extremely affluent average annual household income of $111,482 within a five-mile radius
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Sherwin-Williams and Pittsboro for steady concurrent growth
» Beneficial proximity to Research Triangle Park, the largest research park in the U.S.
» Research Triangle Park is centrally located near diverse economic drivers, including a $14.6B technology sector and a $9.8B life sciences sector

Property Description

SOLD

» This Sherwin-Williams has a high-visibility and easily accessible location across from Mosaic’s Chatham Park Development, one of the largest commercial developments in the U.S.
» Mosaic’s Chatham Park Development is a 7,000+ acre mixed-use community to feature 22M SF of commercial/retail space and will create a $170B economic impact for Pittsboro and the surrounding area
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Lowe’s, AutoZone, O’Reilly, McDonald’s, Papa John’s, KFC, Taco Bell, Bojangles, Truist, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity to Research Triangle Park, the largest research park in the U.S. with diverse economic drivers, including a $14.6B technology sector and a $9.8B life sciences sector
» Extremely affluent average annual household income of $111,482 within a five-mile radius
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Sherwin-Williams and Pittsboro for steady concurrent growth

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