At a glance
- The property at 400 Winter Haven Boulevard serves as a distribution center for the paint maker.
- The sale price works out to about $194 per square foot for the building, which sits on just under 40 acres.
- Sherwin-Williams occupies the asset under a corporate-guaranteed triple-net lease with a new long-term extension, according to the report, which does not specify the lease length.
SRS Real Estate Partners completed the $133 million sale of a 685,000-square-foot Winter Haven, Fla., warehouse fully leased to Sherwin-Williams, Connect CRE reported. The property at 400 Winter Haven Boulevard serves as a distribution center for the paint maker.
The sale price works out to about $194 per square foot for the building, which sits on just under 40 acres.
Sherwin-Williams occupies the asset under a corporate-guaranteed triple-net lease with a new long-term extension, according to the report, which does not specify the lease length. The seller was Paul Profeta, represented by SRS's John Redfield.
The report does not identify the buyer. The acquisition was part of the buyer's broader 1031 exchange strategy, and SRS helped place a significant portion of the proceeds, Connect CRE reported.
Originally constructed in 1992, the property completed a significant expansion this year, adding new buildings and office space to raise operational capacity, the report said.
Reported by the Deals desk from Connect CRE. Published . Corrections