702 W Marketview Dr, Champaign, IL 61822
The subject property is a freestanding Sherwin-Williams retail store that was remodeled in 2013 by the tenant when it signed a new 10 year, modified triple net lease. The property consists of 4,884 square feet and sits on .47 acres in the dense retail corridor of Champaign, with excellent signage and visibility from Prospect Ave where the traffic count exceeds 19,900 cars per day. Sherwin-Williams holds a corporately guaranteed lease with a publicly traded company and has an investment grade credit rating of “BBB.” The lease offers a base rent of $16.55 per square foot which is in line with the surrounding retail market. The landlord is responsible for the roof, structure and parking lot replacement. The tenant is responsible for the taxes, insurance and pays a monthly estimate of CAM reimbursements which is reconciled once per year. The parking lot provides 18 parking spaces and was just resurfaced, resealed and striped in August. There is additional income from the billboard located on the property, which totals $2,640 per year. There are no options on the billboard lease which provides upside to an incoming investor to increase the rent. Sherwin-Williams benefits from the traffic of the surrounding national retailers such as Lowe’s, Home Depot, Target, Best Buy, PetSmart, Sam’s Club, Chipotle, Meijer, Menards, Rural King, Walmart Supercenter, Dollar Tree, Hobby Lobby – Please see aerial. It also sits 3 miles from the University of Illinois, a Big Ten School, which enrolls over 44,000 students every year, as well as Parkland College. The surrounding Five mile population totals 141,102 residents which has continued to increase year over year. The average household income exceeds $69,700 which is above the national average. Sherwin-Williams was founded in 1866 and is headquartered in Cleveland, OH. The company develops, manufactures, distributes and sells paints, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America as well as Europe. It has a net worth of $37.17 Billion and is ranked #190 on the Fortune 500.
License(s): IL: 471.011175
Illinois
The subject property is a freestanding Sherwin-Williams retail store that was remodeled in 2013 by the tenant when it signed a new 10 year, modified triple net lease. The property consists of 4,884 square feet and sits on .47 acres in the dense retail corridor of Champaign, with excellent signage and visibility from Prospect Ave where the traffic count exceeds 19,900 cars per day. Sherwin-Williams holds a corporately guaranteed lease with a publicly traded company and has an investment grade credit rating of “BBB.” The lease offers a base rent of $16.55 per square foot which is in line with the surrounding retail market. The landlord is responsible for the roof, structure and parking lot replacement. The tenant is responsible for the taxes, insurance and pays a monthly estimate of CAM reimbursements which is reconciled once per year. The parking lot provides 18 parking spaces and was just resurfaced, resealed and striped in August. There is additional income from the billboard located on the property, which totals $2,640 per year. There are no options on the billboard lease which provides upside to an incoming investor to increase the rent. Sherwin-Williams benefits from the traffic of the surrounding national retailers such as Lowe’s, Home Depot, Target, Best Buy, PetSmart, Sam’s Club, Chipotle, Meijer, Menards, Rural King, Walmart Supercenter, Dollar Tree, Hobby Lobby – Please see aerial. It also sits 3 miles from the University of Illinois, a Big Ten School, which enrolls over 44,000 students every year, as well as Parkland College. The surrounding Five mile population totals 141,102 residents which has continued to increase year over year. The average household income exceeds $69,700 which is above the national average. Sherwin-Williams was founded in 1866 and is headquartered in Cleveland, OH. The company develops, manufactures, distributes and sells paints, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America as well as Europe. It has a net worth of $37.17 Billion and is ranked #190 on the Fortune 500.
License(s): IL: 471.011175
Illinois
