Net Leased Sherwin-Williams Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Sherwin Williams property located at 2707 Plainfield Road in Joliet, Illinois for $2,148,374.

The 3,500 square foot property is strategically positioned along Plainfield Road (33,100 VPD), which serves as the main retail corridor for the surrounding area. The subject property benefits from its location as an outparcel to Target, Ross, PetSmart, JOANN, Five Below, Ulta Beauty, Chick-fil-A, and McDonald’s. It is less than ½ mile from the 79-store Louis Joliet Mall, which is anchored by Macy’s and JCPenney. Additional national retailers nearby include Ashley Store, Barnes & Noble, Best Buy, Burger King, Chipotle, Costco, DICK’s Sporting Goods, Dollar Tree, Dunkin’, Home Depot, Goodwill, Michaels, Raising Cane’s, Red Lobster, Taco Bell, Texas Roadhouse, and Wendy’s.

The property is located within the Chicago MSA, ranked third in the United States by population. There are over 196,000 people living within a 5-mile radius of the property with an average household income of $103,924.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest-based real estate company and the buyer is a Southeast-based real estate investor.

The lease has over 8 years remaining with three 5-year renewal options. It features 10% rental escalations every 5 years.

The Sherwin-Williams Company develops, manufactures, distributes, and sells paints, coatings and related products to professional, industrial, commercial and retail customers primarily in North America, South America, the Caribbean, Europe, and Asia. The company operates 5,000+ stores in over 120 countries and has more than 64,000 employees.  Sherwin-Williams is an S&P 500 component and is a publicly traded company (NYSE: SHW). The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.

“Single-tenant assets with nationally recognized tenants in major markets continue to attract private investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Long term net-leased assets with rental escalations are at the forefront of real estate demand.”

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