Commercial Real Estate News
Fortune 500 Company Strengthens Investment Opportunity
PITTSBURGH, June 2, 2014 – PPG Industries (NYSE:PPG) announced that its North American architectural coatings business has acquired all of the assets of Painter’s Supply, an independent architectural paint distributor headquartered in Connecticut. Painter’s Supply operates 10 locations in Connecticut and Massachusetts.
Angel Commercial L.L.C., a Southport-based commercial real estate brokerage firm, is the exclusive broker for six of these locations, totaling approximately 66,246 SF, in Connecticut (Danbury, Milford, Bridgeport, Waterbury, and Torrington) and Massachusetts (Springfield).
“The acquisition of Painter’s Supply supports our dedication to our professional customers,” said Scott Sinetar, PPG vice president, architectural coatings, North America. “A fundamental part of our strategy is to expand distribution to professional painters and contractors
Pittsburgh Paint (PPG Industries) assumes the leases for these properties, turning a secure tenant into an even stronger one. As a $15 billion, Fortune 500 company, and global supplier of paints and specialty products, PPG Industries’ recent acquisition of Painter’s Supply strengthens this investment portfolio.
“PPG’s procurement of Painter’s Supply increases their distribution channels and adds a formidable tenant to the portfolio, resulting in a highly attractive investment opportunity,” states Angel.
Additional information about the portfolio can be obtained through the Exclusive Properties/Investment Portfolios web page on this website.
PPG Architectural Coatings is an industry leader in residential and commercial coatings and products. The business produces paints, stains, and specialty coatings marketed under well-recognized product lines such as the FLOOD®, GLIDDEN®, LIQUID NAILS®, MANOR HALL®, OLYMPIC®, PPG PITTSBURGH PAINTS®, PPG PORTER PAINTS®, PPG Paints, and SIKKENS® brands. Its distribution network includes more than 900 company-owned stores in North America, more than 5,000 independent dealer locations, and all major home improvement centers.