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Sherwin-Williams, Sarasota, FL

Sherwin-Williams, Sarasota, FL


Investment Summary

Price $2,319,000
Cap Rate 5.75%
NOI $133,303
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases 8% rental increases in option periods
Year Built Remodeled in 2023
Building Size 10,000 SF
Lot Size 1.03 acres (44,867 SF)
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 to strong and growing corporate tenant
» Scheduled 8% rental increases in option periods
» 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 DOWNTOWN SARASOTA
» 1.5 miles from Downtown Sarasota, a major metropolitan Florida hub experiencing rapid development
» 1.7 miles from 1 Main Plaza, where Belpointe is constructing 418 luxury apartments, 55,000 square feet of commercial space, and 1,200 parking spaces at Main Street and Links Avenue
» The 10-story luxury apartments at 1 Main Plaza will include 226 apartments, with 25 priced for attainable housing, plus 5,575 square feet of ground floor commercial space
» Additional nearby developments include One Park (18-story, 149-unit tower), The Cordelia (12-story, 240-unit tower), and The Gallery (5-story, 62-condominium tower)
» The Sarasota MSA has a population of over 891,000 in 2023, as Florida is one of the fastest-growing states in the U.S.

RAPIDLY GROWING CITY WITH VERY STRONG SURROUNDING AREA DEMOGRAPHICS
» This Sherwin-Williams property has direct access to over 14,200 vehicles a day traveling along 17th Street and nearby access to the 65,000 vehicles that use U.S. Route 301 daily
» The surrounding area enjoys very strong demographic numbers – 160,765 people live within five miles with an average annual household income of $102,533
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Sherwin-Williams and Sarasota for steady concurrent growth
» Prime location along a major Florida retail corridor, connecting Sherwin-Williams to other top national tenants within only a few minutes such as Publix, 7-Eleven, Dollar General, Dunkin’, Walgreens, Chase Bank, McDonald’s, Jersey Mike’s Subs, Starbucks, Truist, and many others
» Surrounded by highly trafficked and high-density community hubs including Sarasota Memorial Hospital (9,785 employees), Sarasota High School (2,117 students), Sarasota Military Academy (1,469 students), and Booker High School (1,296 students)

RECENTLY REMODELED SITE IN A TAX-FREE STATE
» New 2023 remodel to Sherwin-William’s latest prototype
» Florida is an income tax-free state

Property Description

» The property is surrounded by many densely populated residential developments and benefits greatly from being positioned within walking distance of downtown Sarasota, improving the overall visibility and access to a strong customer base
» 1.7 miles from 1 Main Plaza, where Belpointe is constructing 418 luxury apartments, 55,000 square feet of commercial space, and 1,200 parking spaces at Main Street and Links Avenue
» Additional nearby developments include One Park (18-story, 149-unit tower), The Cordelia (12-story, 240-unit tower), and The Gallery (5-story, 62-condominium tower)
» Sherwin-Williams has excellent proximity to community hubs which provide the property with a consistent customer base, such as Sarasota Memorial Hospital (9,785 employees), Sarasota High School (2,117 students), Sarasota Military Academy (1,469 students), and Booker High School (1,296 students)
» Sarasota is a tourist destination, with over three million visitors coming to Sarasota County annually to visit the countless attractions such as Mote Marine Laboratory, The Ringling Museum of Art, Sarasota Bay, and Lido Key
» The Sarasota MSA has a population of over 891,000 in 2023, as Florida is one of the fastest-growing states in the U.S.

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