LAS VEGAS, NV – [August 27, 2020] – Blue West Capital has completed the sale of a new construction single tenant net leased Sherwin-Williams property located at 8470 Farm Road in Las Vegas, NV for $3,427,183. Zach Wright, of Blue West Capital, in conjunction with JDS Real Estate Services, Inc, represented the seller in the transaction. The seller was private developer and the purchaser was a Southern California-based 1031 exchange investor.
The Sherwin-Williams property is located approximately fifteen miles north of the world-famous Las Vegas Strip. The property is an out-parcel to an Albertsons grocery-anchored center. The surrounding area is densely populated with over 100,000 people living within three miles and possesses significant barriers to entry. Retailers in the immediate trade area include Lowe’s, Walgreens, CVS, Sprouts, McDonald’s, Bank of America, and many others
Sherwin-Williams has a long-term lease with 10% rental increases every five years. Sherwin-Williams is a publicly traded company (NYSE: SHW) with a market capitalization in excess of $60 billion. Sherwin-Williams has an investment grade credit rating (S&P: BBB-).
“New construction single tenant properties that feature long-term leases to strong corporate tenants are highly sought after amongst private investors,” said Zach Wright, Director of Net Lease Investment Sales.