Matthews™ successfully completed the sale of a 15,498-square-foot industrial outdoor storage (IOS) property situated on 6.80 acres in Wilkesboro, North Carolina. The asset, leased to SiteOne Landscape Supply, closed at a sale price of $2,120,000, representing a 6.60% cap rate, with the transaction completed in under 45 days.

 

Challenge

Following the sale of Red’s Home & Garden to SiteOne Landscape Supply on October 8, 2025, the private seller entered a lease featuring a 5-year initial term and six additional 5-year options, with limited rent growth. If fully exercised, the lease would encumber the real estate for up to 35 years. While the tenancy provided stability, the seller recognized that long-term lease constraints and minimal rent escalations would limit future upside and keep significant equity locked in a lower-yielding asset. The challenge was maximizing value despite the long lease term, tertiary market location, and long-term vacancy risk inherent to the property.

 

Strategy

Leveraging deep expertise in SiteOne-leased and IOS assets, the Matthews™ agent identified an opportunity to move decisively rather than pursue a prolonged marketing process. Through a long-standing relationship with a private buyer actively acquiring similar assets nationwide, the agent made a single targeted phone call to source an off-market offer. The buyer, seeking stable, cash-flowing properties for long-term holds and motivated by year-end tax considerations, was prepared to move quickly and decisively.

 

Result

The property sold off-market for $2.12 million, achieving what the agent considered top-of-market pricing given the asset’s limited rent growth, tertiary location, and long-term lease structure. The seller successfully liquidated the property, freeing capital to pursue higher-yielding investment opportunities. The buyer acquired a stable, long-term asset while reducing taxable income ahead of the close of 2025. Matthews™ facilitated a smooth transaction that closed in under 45 days, delivering a clear win for all parties through market expertise, precise buyer identification, and decisive execution.

 

Client Testimonial

It was a pleasure working with Taylor Dintzner and Matthews™ on the sale of my SiteOne-leased property. After the sale of Red’s Home & Garden to SiteOne in October 2025, Taylor reached out immediately, took the time to understand my family’s goals, and quickly sourced a qualified buyer at an excellent price. The transaction closed smoothly in under 45 days. Throughout the process, Taylor was highly responsive, communicated clearly, and kept everything moving toward a seamless close. I couldn’t have asked for a better outcome.