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Sherwin-Williams Center | Upside Potential

5601 W Main St, Kalamazoo, MI 49009

Listing Price: $3,895,000

Cap Rate
5.77%
Gross SF
18,004
Rentable SF
18,004
Price/Gross SF
$216.34
Lot Size
2.39 acres
Year Built
1984

Investment Overview

Marcus & Millichap is pleased to offer for sale this Sherwin-Williams Center, a retail center located at 5601 W Main St, Kalamazoo, Michigan. The property was constructed in 1984, renovated in 2017 and sits on a 2.39-acre parcel with ample parking and 18,004 square feet of total rentable space. Over the past several years, the roof, parking lot and HVAC have been replaced. The 77.5 percent occupied center is anchored by Sherwin-Williams, accompanied by Mattress Firm, H&R Block, University Tan and Star Nails. All tenants are on triple-net leases. Sherwin-Williams has occupied the site since 1986 and has approximately four years of term remaining on their NNN lease. Sherwin-Williams is the largest paint and coating company in the works with 4,260 locations and over 60,000 employees. The company reported a total revenue of $18.36 billion as of 2020. Mattress Firm has occupied the site since 2016 and has over four years of term remaining. The retailer has over 2,500 company-operated and franchised stores across 49 states and has the largest geographic footprint in the United States among multi-brand mattress retailers. In January 2022, Mattress Firm filed for an initial public offering and announced its plans to open 300 new stores over the next three years. The center is strategically located on West Main St with immediate access to Interstate-131, having a combined traffic count of nearly 69,000 vehicles per day. The area benefits from a dense retail market with 7.5 million square feet of retail in a five-mile radius. There are over 109,000 full-time residents with an average household income exceeding $71,824 per year within five miles of the asset. Major nearby retailers include: Walmart Supercenter, Target, Meijer, Lowe’s, ALDI, Kohl's, Menards, Dunham's, Goodwill, PetSmart, DSW, Hobby Lobby and Marshalls. The property is within close proximity to The Prairies Golf Club, which has been serving West Michigan since 1912. The asset is also positioned within 3.5 miles from Western Michigan University (15,309 students) and Kalamazoo College (1,451 students), and just 15 minutes from Kalamazoo/Battle Creek International Airport. Sherwin-Williams Center provides an investor the opportunity to acquire a great asset with value-add potential, in a core retail market, ensuring the investor a high rate of return.

Investment Highlights

  • 77.5% Occupied Center with Upside Potential | 100% Triple-Net Leases
  • Roof, Parking Lot, & HVAC Replaced Over Last Several Years
  • Sherwin-Williams Long-Term Tenant | Four Years Remaining
  • Immediate Access to Interstate-131 (45,378 VPD)
  • Dense Retail Market | 7.5 Million SF in Five Miles
  • Western Michigan University & Kalamazoo College 3.5 Miles Away
  • Nearby National Retail: Walmart Supercenter, Target, Meijer, Lowe's, ALDI, Kohl's, Menards, Dunham's

Exclusively Listed By

Shopping Strip

Sherwin-Williams Center | Upside Potential

Listing Price: $3,895,000

Cap Rate
5.77%
Gross SF
18,004
Rentable SF
18,004
Price/Gross SF
$216.34
Lot Size
2.39 acres
Year Built
1984

Investment Highlights

  • 77.5% Occupied Center with Upside Potential | 100% Triple-Net Leases
  • Roof, Parking Lot, & HVAC Replaced Over Last Several Years
  • Sherwin-Williams Long-Term Tenant | Four Years Remaining
  • Immediate Access to Interstate-131 (45,378 VPD)
  • Dense Retail Market | 7.5 Million SF in Five Miles
  • Western Michigan University & Kalamazoo College 3.5 Miles Away
  • Nearby National Retail: Walmart Supercenter, Target, Meijer, Lowe's, ALDI, Kohl's, Menards, Dunham's

Investment Overview

Marcus & Millichap is pleased to offer for sale this Sherwin-Williams Center, a retail center located at 5601 W Main St, Kalamazoo, Michigan. The property was constructed in 1984, renovated in 2017 and sits on a 2.39-acre parcel with ample parking and 18,004 square feet of total rentable space. Over the past several years, the roof, parking lot and HVAC have been replaced. The 77.5 percent occupied center is anchored by Sherwin-Williams, accompanied by Mattress Firm, H&R Block, University Tan and Star Nails. All tenants are on triple-net leases. Sherwin-Williams has occupied the site since 1986 and has approximately four years of term remaining on their NNN lease. Sherwin-Williams is the largest paint and coating company in the works with 4,260 locations and over 60,000 employees. The company reported a total revenue of $18.36 billion as of 2020. Mattress Firm has occupied the site since 2016 and has over four years of term remaining. The retailer has over 2,500 company-operated and franchised stores across 49 states and has the largest geographic footprint in the United States among multi-brand mattress retailers. In January 2022, Mattress Firm filed for an initial public offering and announced its plans to open 300 new stores over the next three years. The center is strategically located on West Main St with immediate access to Interstate-131, having a combined traffic count of nearly 69,000 vehicles per day. The area benefits from a dense retail market with 7.5 million square feet of retail in a five-mile radius. There are over 109,000 full-time residents with an average household income exceeding $71,824 per year within five miles of the asset. Major nearby retailers include: Walmart Supercenter, Target, Meijer, Lowe’s, ALDI, Kohl's, Menards, Dunham's, Goodwill, PetSmart, DSW, Hobby Lobby and Marshalls. The property is within close proximity to The Prairies Golf Club, which has been serving West Michigan since 1912. The asset is also positioned within 3.5 miles from Western Michigan University (15,309 students) and Kalamazoo College (1,451 students), and just 15 minutes from Kalamazoo/Battle Creek International Airport. Sherwin-Williams Center provides an investor the opportunity to acquire a great asset with value-add potential, in a core retail market, ensuring the investor a high rate of return.

Exclusively Listed By

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