El Reno, OK - SiteOne Landscape Supply

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a new construction, corporate guaranteed (NYSE: SITE | S&P: BB), SiteOne Landscape Supply investment property located in El Reno, Oklahoma (Oklahoma City MSA). The tenant, SiteOne Landscape Supply, LLC, recently signed a brand new 10 year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and each option period, providing a strong hedge against inflation. The lease is NN+ with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. SiteOne is a premier provider in the landscape supply industry, boasting a market capitalization of nearly $6.5 billion and an extensive network of over 690 locations nationwide. The property is situated on a large 9+ acre parcel, featuring approximately 2.75 acres of outdoor storage, providing ample space for equipment, inventory, and operational flexibility.

The subject property is strategically located along U.S. Route 66 with excellent frontage and visibility, and direct access to Interstate 40 (51,000 VPD) a main arterial highway serving the greater Oklahoma City MSA. The metropolitan area is home to over 1.5 million residents, having experienced ~3% population growth since the last census. El Reno has emerged as a key industrial submarket within the metro, supported by over 10 million square feet of industrial space within a 10-mile radius and 300,000 square feet absorbed over the past 12 months, demonstrating strong market demand and momentum. The surrounding area features a substantial amount of industrial and agricultural land, creating a robust base of consumers and commercial activity, while the low residence-to-yard coverage ratio in neighboring suburbs supports consistent demand for landscaping products and services, making this site an ideal location for a tenant like SiteOne Landscape Supply. The immediate trade area encompasses over 142,000 residents and 35,000 employees within 10 miles, with households in the 3-mile radius boasting an average household income of $115,552.

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