The Sherwin-Williams distribution center in Winter Haven, Florida, sold for $131 million to $133 million.
Key Details of the Transaction
- Property Specs: A 685,000-square-foot industrial distribution campus on nearly 40 acres located near U.S. 27 (at 400 Bert Schulz Blvd. / Winter Haven Blvd.) in Winter Haven.
- History & Recent Expansion: Originally built in 1992, the complex underwent a major expansion that added new building space and office facilities to increase operational capacity.
- Lease Structure: Sherwin-Williams utilizes the facility to store and distribute paint and related products under a corporate-guaranteed, triple-net (NNN) lease that was recently updated with a long-term extension.
- Parties & Financing: SRS Real Estate Partners brokered the transaction. The seller was a New Jersey entity (represented by John Redfield), while the buyer was described as an East Coast private family-owned diversified firm completing a 1031 exchange strategy (represented by Matthew Mousavi and Patrick Luther). The transaction involved a highly structured debt strategy including a loan assumption and a zero-cash-flow paydown setup.
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