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Views: 132 DOM: 467 Updated: 11.20.24 Posted: 09.02.23 Status: Active

Summary

Price $2,400,000
Built/Renov 2023
Tenant Sherwin-Williams
Cap Rate 5.95%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 7,600
Lease Start 10-01-2023
#Units 4,931
Price/SF $315.79
Expiration 09-30-2033
Tenant Type General Retail
NOI $142,800
R. Term 8.9
Ownership Fee Simple
Rent/SF $18.79
Increases 7.4%/10/yrs
Pop 5Mi 118,164
Lot/AC 1.22
Options 5/5yrs/7.4%
AHHI 5Mi $91,252

Lease Highlights

  • Sherman-Williams is currently under construction
  • Brand-new 10-year lease with 5 (5-year) options to extend
  • Lease features 7.4% rental increase in the first option and 8% in the remaining options
  • Corporate guaranteed lease (NYSE: SHW)
  • Sherman-Williams is an investment grade tenant (S&P: BBB)

Location Description

Sherwin-Williams is strategically located on Franklin Street, offering convenient quick access to Bartow Road and Polk Parkway. With a combined daily traffic count of 74,300 vehicles passing by and an interchange less than a half mile north, this location is highly accessible. The subject property will be Lakeland's second Sherwin-Williams commercial paint store, serving the retail and...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Sherwin-Williams
  • Guarantor:Corp T and Rated
  • Company:Sherwin-Williams Company
  • # Units:4,931
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: SHW

About Tenant

The Sherwin-Williams Company (NYSE: SHW) is an American Fortune 500 company in the general building materials industry. Founded by Henry Sherwin and Edward Williams in 1866, the company operates...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,257 47,514 118,391
2023 Total Population : 2,315 47,569 118,164
2023 Employed Civilian Pop : 1,122 22,188 54,539
2023 Total Businesses : 163 1,456 5,323
2023 Average Household Income : $ 66,960 $ 92,903 $ 91,252
2023 Total Consumer Spending : $ 53 M $ 1432 M $ 3579 M
2023 Median Age : 36 39 40
2023 Total Households : 909 17,800 45,266
2023 Pop Age 25+: Bachelor's Degree : 283 6,091 15,921
2023 Average Home Value : $ 185,926 $ 268,071 $ 277,413
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
SR 570 EB; MP 10.075 Franklin St 2021 1,000 0.12 mi
US 98/SR35/BARTOW RD Franklin St 2021 8,000 0.18 mi
Winter Lake Rd Waterfield Rd 2005 14,500 0.23 mi
SR 570 EB; MP 10.592 Waterfield Cir 2021 1,300 0.31 mi
SR 570 WB; MP 9.681 Franklin St 2021 2,000 0.31 mi
SR 570 WB; MP 10.208 Stewart St 2021 6,000 0.32 mi
US 98/SR35/BARTOW RD Brooks St 2021 2,300 0.32 mi
Winter Lake Road Reynolds Rd 2021 16,100 0.34 mi
Bartow Road Bartow Rd 2021 40,000 0.36 mi
Winter Lake Rd Reynolds Rd 2018 12,900 0.68 mi

Listing Broker

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