Marcus & Millichap has wrapped up an 11-property Sherwin-Williams portfolio sale spanning Minnesota, North Dakota, and South Dakota, closing the deal at $18.74 million. The collection totals roughly 55,590 rentable square feet and hit the market after brokers lined up multiyear lease extensions with the paint retailer. According to the deal materials, the assets were traded from a repeat Minnesota-based private seller to a Michigan institutional buyer.
Before bringing the portfolio out to buyers, Marcus & Millichap focused on firming up the term with Sherwin-Williams. One example: a Bemidji, Minn., store marketed under the title "Brand New 15-Year Lease Extension" and listing Dominic Sulo as the exclusive listing agent and Jon Ruzicka as broker of record. That listing, highlighted in Marcus & Millichap materials, underscored the firm’s broader push to secure fresh 15-year terms across the Sherwin-Williams lineup before testing pricing.
Deal Details And Pricing
The portfolio traded for $18.74 million, with the 11 sites totaling about 55,590 rentable square feet, according to Connect CRE. On those numbers, the package penciled out to roughly $337 per square foot, a figure that reflects both the long lease terms and Sherwin-Williams’ credit profile. Connect CRE also reports that Marcus & Millichap held the exclusive listing and represented the repeat Minnesota private seller while securing the Michigan-based institutional buyer.
Why Investors Lined Up
Single-tenant, net-lease retail with lengthy lease terms and investment-grade tenants has been at the top of many investors’ shopping lists, which helps explain the attention this multi-state package attracted. Commercial Property Executive notes that single-tenant net-lease retail trades increased year-over-year in 2025 and that assets with more remaining term typically command pricing premiums, particularly when the tenant’s credit is strong. A cluster of Sherwin-Williams locations with 15-year extensions neatly fits that playbook for both institutional and private capital.
Marcus & Millichap brokers highlighted the front-end work as a key driver of the outcome. Lease extensions across the portfolio were created, in Dominic Sulo’s words, from the deal materials, "a unique opportunity to attract a broad pool of investors," a point emphasized in reporting by Connect CRE. With the transaction now closed, the buyer picks up a stabilized group of Sherwin-Williams stores that is expected to deliver predictable triple-net cash flow under the new ownership.
