BEAUMONT, Calif. - Wood Investments Companies, Inc., a fully-integrated commercial real estate investment company specializing in retail, announced today the sale of a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin-Williams in Beaumont, California. The sale price was $3,240,000, representing 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 the Cinema West's 2nd Street Cinema, adjacent to San Gorgonio Village, a 78,000-square-foot shopping center that Wood Investments developed and owns. San Gorgonio Village is home to Grocery Outlet, ULTA Beauty, Bath & Body Works, Planet Fitness, Raising Cane's, In-N-Out Burger and Five Below. Other nearby retail tenants include Walmart, Home Depot, Albertsons, ALDI, Best Buy, Big Lots, Dollar Tree, Hobby Lobby, Kohl's, Marshalls, Petco and Ross Dress for Less.
Sherwin-Williams is located at 1495 East 2nd Street on a 0.77-acre outparcel at the hard corner, signalized intersection of Commerce Way and 2nd Street. Sherwin-Williams, which opened in November 2022, signed a new 10-year triple-net lease with rental increases every five years.
A Fortune 500 company, The Sherwin-Williams Company (NYSE:SHW) is a global provider of paints, coatings and related products. The company is headquartered in Cleveland, Ohio. The company's business model is based on selling a wide range of high-quality coatings products in over 60 countries around the world, with a network of over 5,000 company-owned stores, independent dealer stores, and other retail outlets as well as through contractors and professional painting contractors. Sherwin-Williams was ranked #46 on National Retail Federations' Top 100 U.S. Retailers 2022 List.
Hanley Investment Group Real Estate Advisors Senior Vice President Lee Csenar and President Ed Hanley represented Wood Investments Companies, the seller and developer, in the Sherwin-Williams sale transaction. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the Hemet, California-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. "It was an additional pad that was created due to tenant demand from the shopping center across the street that we had previously built at San Gorgonio Village."
Wood continues, "With the help of Ed Hanley and Lee Csenar of Hanley Investment Group, we were able to attain the price we set out to achieve and the transaction was smooth. I think it's a testament to the quality of the property, the team and the tenant that makes this development so attractive long term. We look forward to doing more business with all parties involved."
In addition to Sherwin-Williams' ideal location within the area's dominant regional retail hub, the property benefits from its location adjacent to two master-planned communities, Butterfield and Sundance, with approximately 9,000 residential units between both communities and its proximity to Interstate 10 (138,500 cars per day). The property is also near multiple popular tourist destinations such as Palm Springs, Morongo Resort & Casino, and Greater Palm Springs, with over 15 million annual visitors.
The city of Beaumont is part of the Inland Empire, one of the fastest-growing regions in the country. Over the last 30 years, the Inland Empire has grown by 78%, more than twice as fast as the rest of California during that same period.
According to Wood, Wood Investments Companies continues to look for well-located value-add development opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create new grocery-anchored neighborhood shopping centers.
About Wood Investments Companies, Inc.
Wood Investments Companies (WICo) is headquartered in Newport Beach, California, and operated and managed by Patrick Wood with the WICo team consisting of partners Matthew Bush and Jeff Hopkins. WICo is a privately held commercial real estate investment firm that acquires, owns, operates and develops commercial retail and housing properties with a focus on value-add development and investments located throughout the Western United States. The company and its affiliated companies have over 40 years of combined experience and success in the commercial real estate industry.
Company Name: Wood Investments Companies
Contact Person: Patrick Wood, President/CEO
Email: Send Email
Phone: 657.247.2600 ext. 304
Address:14 Corporate Plaza Suite 120
City: Newport Beach
Country: United States