Houston, TX - Sherwin Williams

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a free standing, investment grade
(S&P: BBB) Sherwin Williams property located in Houston, Texas. The tenant, Sherwin Williams Co. has nearly 10 years remaining on an original 18.5 year lease with 4 (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, limiting the landlord responsibilities to the roof and structure of the property.

The Sherwin Williams is located near the signalized, hard corner intersection of Northwest Fwy and Gessner Rd. with a combined 48,300 vehicles passing daily. Northwest Fwy is the major retail thoroughfare serving the city of Houston, which features national/credit tenants including McDonald’s, Chick-fil-A, Wingstop, Chipotle, Panera Bread, Raising Cane’s, Home Depot, Target, LA Fitness, and a Walmart Supercenter, all within a 3-mile stretch of Northwest Fwy. The remainder of surrounding properties are industrial buildings serving as commerce and distribution centers such as Office Depot and an Amazon fulfillment center. The concentration of employers in the immediate area is reflected in the 190,801 employees within a 5-mile radius of Sherwin Williams, all of which have places of work accessible via the State Hwy 290 (220,700 VPD) which runs adjacent to the property. Beyond the retail and industrial sectors, the immediate area beyond is comprised of largely residential communities and apartment complexes.