Mesa, AZ - Sherwin Williams

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, investment grade (S&P: BBB), newly constructed, Sherwin-Williams investment property located in Mesa, Arizona (Phoenix MSA). The tenant, The Sherwin-Williams Company (NYSE: SHW | S&P: BBB), has approximately 8 years remaining on their lease with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NN with limited landlord responsibilities.

Sherwin-Williams is strategically located at the signalized, hard corner intersection of E. McKellips Road and N. Recker Road, averaging a combined 40,100 vehicles passing by daily. Additionally, the asset is ideally situated as an outparcel to Falcon View Plaza, a 190,000 SF shopping center anchored by Fry’s Food & Drug and Kohl’s. Other nearby retail centers include Home Depot anchored Red Mountain Plaza (187,000 SF), Target anchored Red Mountain Gateway (224,000 SF), and Walmart anchored Falcon Gateway (304,000 SF). Nearby shopping centers significantly increase consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, the site is within close proximity to multiple apartment complexes including The Springs at Alta Mesa (200 Units), Ascend at Red Mountain (153 Units), and Springs at Red Mountain (192 Units), providing a direct consumer base from which to draw. The 5-mile trade area is supported by more than 195,500 residents and 64,600 daytime employees. Residents within 3 miles of the subject property boast a healthy average household income of $123,861.

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Listing ID: a284o000001MwXAAA0