Kill Devil Hills, NC - Sherwin-Williams

Description:

SRS National Net Lease 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 Kill Devil Hills, North Carolina. The tenant currently has over 9 years remaining on their initial lease with 8 (5-year) options to extend, demonstrating their commitment to the site. The lease features 8% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. With global headquarters in Cleveland, Ohio, Sherwin-Williams branded products are sold exclusively through a chain of more than 5,000 Company-operated stores and branches.

The subject property is located at the hard corner intersection of N Croatan Hwy and 4th St which averages 37,000 VPD. The site is adjacent to Dare Centre, a 115,000 SF shopping center, that is anchored by Food Lion, Belk, Rack Room Shoes, Little Ceasars, and more. Other nearby national/credit tenants include Publix, Target, Wawa, Dairy Queen, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the asset is in close proximity to Wright Brothers National Memorial (470,000 visitors per year) and First Flight High School (956 students), further increasing consumer traffic to the immediate trade area. The 5-mile trade area is supported by a population of over 17,000 and 10,000 employees. Residents within a 5-mile radius of the subject property boast an affluent average household income of $117,311.