Wayne, NJ - Sherwin Williams

Description:

SRS Real Estate Partners-Northeast, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Sherwin-Williams investment property located in Wayne, New Jersey. The tenant, Sherwin-Williams, recently signed a brand new 10 year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is a NN with limited landlord responsibilities making it an ideal, low management investment opportunity for a passive investor.

The Sherwin-Williams is located near the signalized, hard corner intersection of Mountainview Blvd and U.S. Highway 202 combining to average over 113,000 vehicles passing by daily. U.S. Highway 202, is a major retail thoroughfare serving the city of Wayne. The Sherwin-Williams is located in close proximity to Willowbrook Mall, a 1,000,000+ SF mall featuring national/credit tenants including Macy’s, Dave & Buster’s, JCPenney, GameStop, Taco Bell, ZARA, MAC Cosmetics and more. The asset is approximately 3 miles from Wayne Towne Center, a Costco anchored center, featuring tenants such as DICK’s Sporting Goods, Nordstrom Rack, Chick-fil-A, Cava, Chipotle, Ulta Beauty, Five Below and others. The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Target, Starbucks, Total Wine & More, Best Buy, Staples, Planet Fitness, Petco, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 229,000 with an affluent average household income of $157,665, providing a direct consumer base from which the asset can draw upon.