Marcus & Millichap has arranged the sale of an 11-property Sherwin-Williams portfolio spanning Minnesota, North Dakota and South Dakota. The single-tenant retail portfolio traded for $18.74 million, with the assets totaling approximately 55,590 rentable square feet. All locations are leased to Sherwin-Williams, which remains in place across the portfolio under long-term agreements.
Before taking the assets to market, Marcus & Millichap worked with the seller to secure new 15-year lease extensions with Sherwin-Williams on each of the 11 properties. The extensions were described as rare and were completed across the entire portfolio, establishing fresh long-term commitments from the tenant and enhancing the stability of the income stream. According to the team, this pre-marketing work helped position the portfolio to appeal to a wide range of investors focused on predictable cash flow and credit tenancy.
Dominic Sulo, senior managing director investments with Marcus & Millichap, led the assignment. He noted that the lease extensions created a distinct investment opportunity that drew interest from a broad investor pool. The seller ultimately chose a buyer described as a proven closer with a record of execution, enabling the transaction to reach a successful closing on the agreed terms.
Sulo, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, held the exclusive listing to market the portfolio on behalf of a repeat Minnesota-based private seller. He worked in association with Jon Ruzicka, Marcus & Millichap’s broker of record in Minnesota, North Dakota and South Dakota. Together, they managed the sale process, from pre-marketing lease restructuring through buyer selection and closing.
The buyer was identified as a Michigan-based institutional investor, signaling continued institutional interest in net-lease retail portfolios backed by national brands. While specific property locations within the three states were not disclosed, the transaction underscores ongoing investor demand for multi-asset portfolios with long-term leases to a single credit tenant. The Sherwin-Williams portfolio’s combination of extended lease terms, geographic diversification across three Midwestern states and institutional buyer participation highlights current investor appetite for durable, income-focused retail investments.
