Sherwin Williams to Sell, Lease Back More than 100 Stores for $150M
BLOOMFIELD HILLS, MICH. — The Sherwin-Williams Co. (NYSE: SHW) has agreed to a sale-leaseback transaction with net lease REIT Agree Realty Corp. (NYSE: ADC) for more than 100 retail properties. Agree will pay more than $150 million for the portfolio.
The transaction is expected to close on or before the end of December. The undisclosed properties are located in more than 25 states. The five states with the largest concentration of properties include Florida, New York, North Carolina, Texas and Georgia.
“We are pleased to have entered into this agreement with Sherwin-Williams,” said Joey Agree, President of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio.”
Bloomfield Hills-based Agree Realty Corp. currently owns and operates a portfolio of 537 properties in 45 states for a total of 10.6 million square feet of gross leasable space.
Cleveland, Ohio-based Sherwin-Williams was founded in 1866 and is a leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers. The company operates more than 4,900 retail stores across the United States.
Sherwin Williams’ stock price closed at $390.85 per share on Tuesday compared to $407.02 one year ago. Shares of Agree Realty closed at $62.26 Tuesday compared to $50.19 one year ago.
— David Cohen