SRS Distribution (Home Depot) - Burlington, 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 ±14,400 SF facility is situated on ±2.23 acres of land (14% building/lot coverage), allowing for significant industrial outdoor storage (IOS) capabilities—one of the most sought-after asset classes in today’s market.
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. As the midpoint between Seattle and Vancouver (Canada), Burlington serves as a natural logistics hub for cross-border and intra-Pacific Northwest distribution due to its strategic multimodal connectivity via the BNSF Railroad, State Route 20, and Interstate 5, the primary north-south U.S highway along the West Coast.

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Brian Brockman