Newly Developed Retail Pad Building Sells to Private Buyer
Wood Investments Companies, Inc., a fully integrated commercial real estate investment company specializing in retail, has sold a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin-Williams in Beaumont. The sale price was $3,240,000 at a 4.50% cap rate.
According to Patrick Wood, CEO and president of Wood Investments Companies, the Sherwin-Williams property is a new ground-up development of a pad located in front of Cinema West’s 2nd Street Cinema. Sherwin-Williams, which opened last November, signed a new 10-year triple-net lease with rental increases every five years.
Hanley Investment Group Real Estate Advisors SVP Lee Csenar and president Ed Hanley represented Wood Investments. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the Hemet-based private buyer.
“The sale of the Sherwin-Williams occupied property was part of the strategic plan when we had originally purchased the property over three years ago,” said Wood.
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