Investment Grade Credit Tenant – The tenant, Sherwin-Williams (S&P: A), is one of the largest coatings manufacturers in the world, with 4,080 stores. The Sherwin-Williams Company is ranked #266 on the American Fortune 500 and sees net annual cash flow exceeding $2 billion.
Long Operating History – Commitment to Site – The tenant has operated successfully at this location for 28 years and has exercised multiple lease extensions. The last extension exercised was for an additional 5 years.
Excellent Rent Growth – The lease features an 8% rent increase on June 1, 2018, as well as every five years in the (4) option periods.
Below Market Rents – Asking rents in Hickory for retail properties range from $10-$12 psf. Sherwin-Williams is currently paying $4.67 psf.
Excellent Visibility & Traffic Counts – The subject property is located on the busy signalized intersection of 2nd St Dr NW and 1st Ave NE, offering excellent visibility to combined traffic counts of 32,000 cars per day.
Located Within NC Data Center Corridor – The Hickory area is part of North Carolina’s Data Center Corridor and is home to large data-centers operated by Apple, Facebook, AT&T and Google. Apple’s billion-dollar data-center campus just south of Hickory is one of the largest in the world.