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Sherwin-Williams, Hoover, AL

Sherwin-Williams

Hoover, Alabama

Price $2,460,000
Cap Rate 5.00%
NOI $123,000
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot
Rental Increases 8% Rental Increases In Option Periods
Year Built 2022
Building Size 4,000 SF
Lot Size 0.64 Acres (27,901 SF)
Status Under Contract
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 10-YEAR NET LEASE TO INVESTMENT GRADE TENANT
» 10-year net lease to strong and growing corporate tenant
» Scheduled rental increases in option periods, providing a hedge against inflation
» Minimal landlord management, ideal for an out-of-area investor
» Sherwin-Williams (NYSE: “SHW”) is rated “BBB” by Standard & Poor’s
» 2022 construction built to latest Sherwin-Williams prototype

INFILL LOCATION IN DENSE HOOVER RETAIL CORRIDOR
» Conveniently located on Amber Drive and near the intersection of Interstate 459 and John Hawkins Parkway, with excellent visibility and access to a combined 119,535 vehicles per day
» Central location at the confluence of highly trafficked Alabama thoroughfares, including Interstate 459, U.S. Route 31, and Interstate 65 (combined 248,899 AADT)
» 3.8 miles from Riverchase Galleria, one of the largest shopping centers in the Southeast and Alabama’s top tourist attraction, with 15 million visitors per year
» Surrounded by notable tenants such as Walmart Supercenter, Target, Kohl’s, Publix, Academy Sports + Outdoors, and many more
» Beneficial proximity to significant new retail and residential developments, including the 339-acre expansion of the Trace Crossings housing community

DENSELY POPULATED AREA WITH ROBUST DEMOGRAPHICS
» 105,066 residents live within five miles of the property
» High average annual household income of $159,326 within a one-mile radius of the site
» Projected population and income increase within 1-, 3-, and 5-mile radii over the next five years, poising Sherwin-Williams and Hoover for steady concurrent growth
» Gateway to Downtown Birmingham, the most populous city in Alabama (population 209,403)


Property Description

» The property is conveniently located on Amber Drive and near the intersection of Interstate 459 and John Hawkins Parkway, with excellent visibility and access to a combined 119,535 vehicles per day.
» Located in a dense retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Target, Kohl’s, Publix, Academy Sports + Outdoors, and many more.
» This Sherwin-Williams draws from a large and established customer base of 105,066 residents within five miles of the property.
» The site greatly benefits from the high average annual household income of $159,326 within a one-mile radius of the site.
» The location serves as a common gateway to Riverchase Galleria, one of the largest shopping centers in the Southeast and Alabama’s top tourist attraction with 15 million visitors per year, and Downtown Birmingham, the most populous city in Alabama (population 209,403).
» Projected population and income increase within 1-, 3-, and 5-mile radii over the next five years poise Sherwin-Williams and Hoover for steady concurrent growth.

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