A Minnesota‑based private owner has sold an 11‑property Sherwin‑Williams retail portfolio spanning three states for $18.7 million, according to Marcus & Millichap, which brokered the transaction. The buyer is a Michigan‑based institutional investor expanding its footprint in single‑tenant retail assets.
The portfolio includes Sherwin‑Williams stores in Bemidji, Duluth, Fergus Falls, Grand Rapids and Sartell, Minnesota; Bismarck and Grand Forks, North Dakota; and Sioux Falls, Tea and Watertown, South Dakota. Together, the properties total roughly 55,590 rentable square feet.
Before bringing the assets to market, Calabasas, Calif.-based Marcus & Millichap worked with the seller to secure new 15‑year lease extensions across all 11 locations. Those long‑term commitments ensure the stores will continue operating as Sherwin‑Williams paint and coatings outlets under the new ownership, a move that significantly strengthened the portfolio’s investment profile.
Brokers Dominic Sulo and Jon Ruzicka represented the seller and sourced the buyer. They noted that demand remains strong for net‑lease retail properties backed by investment‑grade tenants, particularly those offering predictable cash flow and minimal operational responsibilities.
The sale allows the Minnesota owner to exit the portfolio at a time of heightened investor interest, while the Michigan buyer gains a stable, long‑term income stream anchored by one of the nation’s most recognizable retail brands.
(Source here.)
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