Wood Investments Companies, Inc., a fully integrated commercial real estate investment company specializing in retail, has sold a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin Williams in Beaumont. The sale price was $3,240,000 at a 4.50% cap rate.
CEO and President Patrick Wood of Wood Investment Companies stated that the Sherwin Williams property is an entirely new ground up development of a pad located near Cinema West’s 2nd Street Cinema which opened last November with an accompanying 10 year triple net lease featuring rental increases every five years.
Lee Csenar SVP of Hanley Investment Group Real Estate Advisors and Ed Hanley President represented Wood Investments while Howard Rosenthal and Guy Excell from Rosenthal & Excell Commercial Real Estate acted on behalf of the Hemet based private buyer for this transaction.
“The sale was part our strategic plan when we originally purchased the property over three years ago,” said Wood regarding this successful venture into Beaumont’s real estate market .
