SRS Distribution (Home Depot) - Bellingham, WA

Strong Corporate Guarantee / Investment Grade Parent Company: SRS Distribution is the fastest growing distributor of building products in the United States with over 800 locations nationwide & an annual revenue of ± $10 billion. In June 2024, The Home Depot (NYSE: HD) completed the acquisition of SRS Distribution for $18.25B. Home Depot is an investment grade tenant (S&P: “A”). In September 2025, Home Depot further expanded through its specialty distribution subsidiary, SRS Distribution Inc. acquiring GMS Inc. for $5.5 billion. Post GMS Inc. acquisition, SRS Distribution will operate a network of 1,200+ locations nationwide with an estimated enterprise value exceeding $23 billion.
Newly Executed Lease Extension / Annual Rent Increases: SRS Distribution just executed a 5-year lease extension at this location, demonstrating their long-term outlook at this facility. The subject Industrial NNN lease is structured with favorable 3% annual rent increases and features two additional 5-year options to renew at Fair Market Value, providing investors with a strong hedge against inflation.
Functional Industrial (IOS) Facility / Passive Investment: This functional ±20,700 SF facility is strategically positioned in the heart of a strong industrial corridor, surrounded by numerous national and Fortune 500 companies.
Income Tax Free State / Strategic Location: Washington benefits from no state income tax offering significant financial advantages for businesses and investors, enhancing profitability and making it an attractive location for long-term growth and investment. Situated just 20 miles south of the Canadian border and 85 miles north of Seattle, Bellingham serves as a key trade and distribution hub for cross-border commerce and logistics. Its direct access to Interstate 5, Bellingham International Airport, and the deep-water Port of Bellingham provides exceptional multimodal connectivity for industrial users serving the Pacific Northwest and Western Canada.

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Brian Brockman