Sherwin-Williams,
Pittsboro, NC Investment Summary
| Price | $2,371,000 |
| Cap Rate | 5.40% |
| NOI | $128,001 |
| 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 | Available |
| 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
» 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
