Silver City, NM - 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, corporate guaranteed (NYSE: SHW), investment grade (S&P: BBB), investment property located in Silver City, New Mexico. The tenant, Sherwin Williams Co., has occupied the site for 20 years and recently signed a brand new 10 year lease extension, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the extension term, 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. The seller made a substantial investment into a new roof, HVAC, drainage, and insulation to be installed by January 2025. Founded in 1866, Sherwin Williams is a global leader in the manufacture, development, distribution, and sale of paint and paint related products sold exclusively through a chain of more than 5,000 Company-operated stores and branches.

The asset is strategically positioned at the signalized, hard corner intersection of Silver Heights Boulevard and E. 14th Street (combined 28,400 VPD). The site receives significant consumer traffic from its location at the intersection of the two primary retail thoroughfares serving the surrounding area. Silver Height Boulevard features nearby national/credit tenants including Walmart Supercenter, Albertsons, Tractor Supply Co., McDonald’s, and the Silver City Center, situated directly across from Sherwin Williams. The retail center features a Family Dollar and AutoZone, further increasing the crossover retail exposure to the subject property. The property is located adjacent to a Furniture Gallery, America’s Mattress, and barbershop, attracting consumer traffic to the store. The tenant has access to a strong consumer base comprised of many single family homes, local businesses, and Western New Mexico University (3,000+ students) within 1-mile. The 5-mile trade area is supported by a population of over 16,500 residents and 8,300 employees with an average household income of $76,229.