The Sherwin-Williams property at 3730 Jennings Road in Kalamazoo, Michigan is situated at the intersection of Gull Road and Jennings Drive. Gull Road carries approximately 25,400 vehicles per day. The property benefits from its shadow anchor position adjacent to Menards. Nearby national retailers include ALDI, Walmart, Meijer, Tractor Supply Company, McDonald’s, Starbucks, Fifth Third Bank, Walgreens, Applebee’s, Taco Bell, Culver’s, AutoZone, Dollar Tree, Pet Supplies Plus, T-Mobile, Panera Bread, and Verizon. Ascension Borgess Hospital, a 422-bed medical center, is located minutes from the property and generates a continual flow of traffic to the area. The Borgess Health and Fitness Center is also in close proximity. Approximately 78,000 people live within a five-mile radius of the property. The average household income within three miles exceeds $86,000. The population within one mile is approximately 5,695. Western Michigan University, a major research institution, is located in Kalamazoo and contributes significantly to the local economy. Kalamazoo is positioned approximately halfway between Detroit and Chicago, providing strong regional connectivity.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a Midwest based developer who built the property specifically for Sherwin-Williams. The buyer was a Midwest based investor seeking a new construction net leased investment backed by an investment-grade tenant.
The Sherwin-Williams lease provides approximately nine years of remaining lease term. The lease is a double-net lease, with the landlord responsible for roof, structure, foundation, parking lot, and landscaping. The lease features 10% rental escalations every five years throughout the primary term. Sherwin-Williams has two 5-year renewal options. The new construction building includes a 15-year roof warranty, reducing near-term capital expenditure risk for the property owner.
The Sherwin-Williams Company is headquartered in Cleveland, Ohio and was founded in 1866. Sherwin-Williams is a global leader in the development, manufacturing, and distribution of paints, coatings, and related products. The company operates more than 4,800 company-owned stores and facilities across North America and maintains a presence in over 120 countries worldwide. Sherwin-Williams employs approximately 64,000 people. The company serves professional contractors, industrial manufacturers, and residential consumers through well-known brands including Valspar, Minwax, and Krylon. Sherwin-Williams generates over $22 billion in annual revenue. Sherwin-Williams carries an investment-grade credit rating.
“Investor demand for new construction net leased properties backed by investment-grade tenants remains strong, particularly in the retail sector where e-commerce-resistant businesses like paint and coatings stores continue to demonstrate reliable performance,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This Sherwin-Williams property attracted significant buyer interest due to its 2025 construction, shadow anchor position adjacent to Menards, and high-traffic location along Gull Road in Kalamazoo, Michigan with over 25,400 vehicles per day.” John Feeney, Senior Vice President of The Boulder Group, noted, “The buyer was attracted to the new construction building with a 15-year roof warranty and the built-in rental growth provided by the 10% escalations, offering a compelling combination backed by the investment-grade credit of Sherwin-Williams.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $11 billion of single tenant net lease real estate transactions. From 2013–2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
More info: www.bouldergroup.com
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