Sherwin-Williams

2920 Franklin Street, Lakeland, FL 33803

$2,400,000

Cap Rate 5.95%

Views: 100 DOM: 380 Updated: 09.16.24 Posted: 09.02.23 Status: Active

Summary

Price $2,400,000	Built/Renov 2023	Tenant Sherwin-Williams
Cap Rate 5.95%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 7,600	Lease Start 10-01-2023	#Units 4,931
Price/SF $315.79	Expiration 09-30-2033	Tenant Type General Retail
NOI $142,800	R. Term 9.0	Ownership Fee Simple
Rent/SF $18.79	Increases 7.4%/10/yrs	Pop 5Mi 118,164
Lot/AC 1.22	Options 5/5yrs/7.4%	AHHI 5Mi $91,252

Lease Highlights

Sherman-Williams is currently under construction
Brand-new 10-year lease with 5 (5-year) options to extend
Lease features 7.4% rental increase in the first option and 8% in the remaining options Corporate guaranteed lease
Sherman-Williams is an investment grade tenant (S&P: BBB)

Location Description

Sherwin-Williams is strategically located on Franklin Street, offering convenient quick access to Bartow Road and Polk Parkway. With a combined daily traffic count of 74,300 vehicles passing by and an interchange less than a half mile north, this location is highly accessible. The subject property will be Lakeland's second Sherwin-Williams commercial paint store, serving the retail and...

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Key Features

New construction
High traffic 50M+ VPD
Strategically located
Freeway visibility
Dense 100M+ pop 5 mi
Affluent suburb location
Income tax free state
Brand new lease
Traded and rated company
Corporate Guarantee

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Links

Sherwin-Williams Wikipedia Sherwin-Williams Wikipedia Lakeland, Florida Zip Code 33803 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Sherwin-Williams
Guarantor:Corp T and Rated
Company:Sherwin-Williams Company
# Units:4,931
Tenant S&P: BBB
Moody’s: Baa2
Stock: NYSE: SHW

About Tenant

The Sherwin-Williams Company (NYSE: SHW) is an American Fortune 500 company in the general building materials industry. Founded by Henry Sherwin and Edward Williams in 1866, the company operates...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	2,257	47,514	118,391
2023 Total Population :	2,315	47,569	118,164
2023 Employed Civilian Pop :	1,122	22,188	54,539
2023 Total Businesses :	163	1,456	5,323
2023 Average Household Income :	$ 66,960	$ 92,903	$ 91,252
2023 Total Consumer Spending :	$ 53 M	$ 1432 M	$ 3579 M
2023 Median Age :	36	39	40
2023 Total Households :	909	17,800	45,266
2023 Pop Age 25+: Bachelor's Degree :	283	6,091	15,921
2023 Average Home Value :	$ 185,926	$ 268,071	$ 277,413

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
SR 570 EB; MP 10.075	Franklin St	2021	1,000	0.12 mi
US 98/SR35/BARTOW RD	Franklin St	2021	8,000	0.18 mi
Winter Lake Rd	Waterfield Rd	2005	14,500	0.23 mi
SR 570 EB; MP 10.592	Waterfield Cir	2021	1,300	0.31 mi
SR 570 WB; MP 9.681	Franklin St	2021	2,000	0.31 mi
SR 570 WB; MP 10.208	Stewart St	2021	6,000	0.32 mi
US 98/SR35/BARTOW RD	Brooks St	2021	2,300	0.32 mi
Winter Lake Road	Reynolds Rd	2021	16,100	0.34 mi
Bartow Road	Bartow Rd	2021	40,000	0.36 mi
Winter Lake Rd	Reynolds Rd	2018	12,900	0.68 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

128 Listings
12617 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

128 Listings
12786 Views
60 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

130 Listings
12819 Views
63 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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