In September of 2022, I had the opportunity to acquire a Sherwin-Williams property located in St. Johnsbury, VT.
The property was purchased from a local family who owned the asset for over 45 years. Prior to Sherwin-Williams entering the space in 1987, the property served as an automotive repair shop.
Due to the short-term nature of the lease and the reluctance to continue to manage the property, the family had been considering a sale of the asset for months prior to the transaction.
The asset was attractive to Ocean Block for multiple reasons. It is conveniently located on the main trade corridor for northeastern Vermont. With the closest Sherwin-Williams store over 36 miles away, this location has proven to be essential for the tenant and they have demonstrated their commitment to the site with 35 years of operating history. Lastly, Sherwin-Williams has investment grade credit, providing for steady and reliable cash flows.
While this property was appealing to us, there were several obstacles Ocean Block Capital had to overcome to feel comfortable closing on this property such as the installation of a new roof and the remediation of an environmental blemish.
This deal demonstrates Ocean Block Capital’s creativity and ability to acquire net-lease assets with complexities. Despite the numerous hurdles we had to overcome, this transaction ultimately went smoothly and satisfied both parties involved.
This acquisition further expands our growing portfolio of Sherwin-Williams properties and adds to our existing presence in the Northeast.
