SRS Brokers $133M Sale of Winter Haven Industrial Property Leased to Sherwin-Williams

SRS Real Estate Partners arranged the $133 million sale of a 685,000-square-foot industrial property in Winter Haven, Florida, about 46 miles south of Orlando. The site sits on nearly 40 acres and functions as a major distribution center for Sherwin-Williams, which uses it to store and move paint and related products.

The tenant holds a corporate-guaranteed triple-net lease that includes a new long-term extension option. The seller is a New Jersey-based private owner represented by John Redfield of SRS. The buyer, an East Coast family-owned company with real estate and agriculture interests, was represented by Matthew Mousavi and Patrick Luther of SRS. Both parties requested anonymity.

SRS also structured the multi-loan financing for the transaction. The building was constructed in 1992 and received a significant expansion this year that added new buildings and office space to increase operational capacity.

For investors and lenders, the deal shows continued demand for long-term, credit-backed industrial assets in Central Florida. Underwriting a similar asset should focus on lease term, guarantee strength and the value of recent expansion space.