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Dry Good

Sherwin-Williams | Abs NNN Ground Lease | Cheap Rent | 40+ Yrs of Tenancy | Greenwood, IN

1282 Greenwood Park Dr W, Greenwood, IN 46142

Listing Price: $1,818,000

Cap Rate
5.50%
Tenant Name
Sherwin Williams
Years Remaining On Lease
11.9
Gross SF
6,018
Guarantor
No Guarantee
Rentable SF
6,018
Price/Gross SF
$302.09
Lease Type
NNN Ground Lease
Rent Per Square Feet
$16.62

Investment Overview

Marcus & Millichap is pleased to present for sale, Sherwin-Williams located in Greenwood, Indiana. The subject property is a 1.3 million-square-foot super-regional mall that is anchored by Macy's, Dick's, JCPenney, Von Maur, Barnes & Noble, and Regal Cinemas. Sherwin-Williams is being offered for $1,818,000.

Investment Highlights

  • Sherwin-Williams Absolute Triple-Net Ground Lease with 12.25 Years Remaining in Greenwood, Indiana (Indianapolis MSA)
  • 43 Years of Tenancy; Original Ground Lease Commenced in 1980; History of Five Renewals All at Increases in Rent
  • Tenant has Demonstrated Extremely Strong Commitment to Site: Early 10-Year Extension in 2023 Taking Expiration into 2035; 28 Percent Increase in Rent and 10 Percent Mid-Term Bump
  • Tenant Previously Executed 10-Year Renewal in 2015 at a 58 Percent Increase in Rent and 10 Percent Mid-Term Bump
  • Naked Lease with No Options Remaining, Potential Upside via Negotiating Long-Term Extension and Large Rent Increase Upon 2035 Expiration
  • True Passive Absolute Triple-Net Lease Structure with Zero Landlord Responsibilities
  • 6,018-Square-Foot Building Situated on 0.72-Acre Parcel; Fungible "Rectangular Box" Building
  • Strong Intrinsic Value in Site Given Commercial Density and Proximity to Major Intersection; Fungible Rectangular Box Construction

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Financing By

Dry Good

Sherwin-Williams | Abs NNN Ground Lease | Cheap Rent | 40+ Yrs of Tenancy | Greenwood, IN

Listing Price: $1,818,000

Cap Rate
5.50%
Tenant Name
Sherwin Williams
Years Remaining On Lease
11.9
Gross SF
6,018
Guarantor
No Guarantee
Rentable SF
6,018
Price/Gross SF
$302.09
Lease Type
NNN Ground Lease
Rent Per Square Feet
$16.62

Investment Highlights

  • Sherwin-Williams Absolute Triple-Net Ground Lease with 12.25 Years Remaining in Greenwood, Indiana (Indianapolis MSA)
  • 43 Years of Tenancy; Original Ground Lease Commenced in 1980; History of Five Renewals All at Increases in Rent
  • Tenant has Demonstrated Extremely Strong Commitment to Site: Early 10-Year Extension in 2023 Taking Expiration into 2035; 28 Percent Increase in Rent and 10 Percent Mid-Term Bump
  • Tenant Previously Executed 10-Year Renewal in 2015 at a 58 Percent Increase in Rent and 10 Percent Mid-Term Bump
  • Naked Lease with No Options Remaining, Potential Upside via Negotiating Long-Term Extension and Large Rent Increase Upon 2035 Expiration
  • True Passive Absolute Triple-Net Lease Structure with Zero Landlord Responsibilities
  • 6,018-Square-Foot Building Situated on 0.72-Acre Parcel; Fungible "Rectangular Box" Building
  • Strong Intrinsic Value in Site Given Commercial Density and Proximity to Major Intersection; Fungible Rectangular Box Construction

Investment Overview

Marcus & Millichap is pleased to present for sale, Sherwin-Williams located in Greenwood, Indiana. The subject property is a 1.3 million-square-foot super-regional mall that is anchored by Macy's, Dick's, JCPenney, Von Maur, Barnes & Noble, and Regal Cinemas. Sherwin-Williams is being offered for $1,818,000.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

Financing By

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