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Sherwin-Williams, Lexington, SC

Sherwin-Williams

Lexington, SC

Price $1,345,000
Cap Rate 5.75%
NOI $77,350
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for Taxes, Insurance, Utilities, and Maintenance of the Interior of the Building
Rental Increases 5% Rental Increase in Year 6, 8% Rental Increases in Years 11 and 16, and 10% Rental Increases in Years 21 and 26
Year Built Q4 2017
Building Size 4,550 SF
Lot Size 0.5 Acres (21,720 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with South Carolina-licensed real estate broker New South Properties.

Investment Highlights

NEW LONG-TERM LEASE TO INVESTMENT GRADE TENANT
» 10-year lease to strong corporate tenant
» Scheduled rental increases, providing a hedge against inflation
» Sherwin-Williams (NYSE: “SHW”) is rated “BBB” by Standard & Poor’s
» Rent is well below market—rental prices across the street are nearly double the Sherwin-Williams rent

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 36,700 vehicles per day on Sunset Boulevard, Lexington’s primary retail corridor
» Convenient access to Interstate 20 – 67,800 AADT
» Surrounded by large shopping centers and notable national retailers, including Target, Walmart Supercenter, Home Depot, Lowe’s, Best Buy, Publix, Walgreens, and more
» Directly across from Lexington Marketplace, an upscale community shopping center anchored by The Fresh Market and Hobby Lobby
» Within walking distance of a Lidl and Lexington Square, a Lowes Foods-anchored center, both currently under construction

GROWING SUBMARKET WITH ROBUST DEMOGRAPHICS
» The average household income is nearly $100,000 within one mile of the property, and the average household incomes within three- and five-mile radii exceed $80,000
» Lexington County has the fourth highest median household income in South Carolina
» Less than two miles from Lake Murray, a popular recreation area and one of the fastest growing residential areas in the Columbia region
» Lexington’s population has increased by 166% since 2000

CENTRAL LOCATION IN COLUMBIA MSA
» Centrally located approximately two miles from downtown Lexington and ten miles from downtown Columbia
» Just over six miles from Columbia Metropolitan Airport, the main commercial airport for Columbia and the Midlands region of South Carolina
» Lexington is the second largest municipality in the Columbia MSA

Click Here to Download Offering Memorandum


Property Description

The property is strategically located on Sunset Boulevard, with excellent visibility and access to 36,700 vehicles per day directly in front of the property. Sunset Boulevard provides convenient access to Interstate 20, which experiences a high traffic volume of 67,800 vehicles per day. Sunset Boulevard serves as a major suburban and urban highway through Lexington and Columbia and is also Lexington’s primary retail corridor. Several large shopping centers are located near the property, including Lexington Pavilion and Lexington Place, which are both within walking distance. The recently constructed Lexington Pavilion features major retailers, including Target, Cost Plus World Market, Best Buy, and PetSmart, among others. Lexington Place is anchored by Publix, T.J. Maxx, and Kohl’s and is tenanted by Ross, Rack Room Shoes, Sally Beauty Supply, Petco, Office Depot, and more. Other notable retailers near the property include Walmart Supercenter, Home Depot, Lowe’s, Walgreens, Stein Mart, and Regal Cinemas. The property is also close to significant new retail developments. The property is directly across from Lexington Marketplace, an upscale community shopping center anchored by The Fresh Market and Hobby Lobby. Additionally, a Lidl and Lexington Square, a Lowes Foods-anchored center, are currently under construction just down the street.

Lexington is one of the most affluent, desirable, and rapidly growing submarkets in the Columbia metropolitan area. The average household income is nearly $100,000 within one mile of the property, and the average household incomes within three- and five-mile radii exceed $80,000. Additionally, the property is less than two miles from Lake Murray, a popular recreation area and one of the fastest growing residential areas in the Columbia region. Over 500,000 people visit Lake Murray each year, generating an economic impact of $18.5 million. The property is also centrally located approximately two miles from downtown Lexington, six miles from Columbia Metropolitan Airport, and ten miles from downtown Columbia.

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