Polk County distribution center sells for $131 million

A Sherwin-Williams distribution center in Polk County has sold for $131 million. 

The 685,000-square property sits on under 40 acres at 400 Bert Schulz Blvd. off of Old Lucerne Park Road and near U.S. 27 in Winter Haven. 

SRS Real Estate Partners, which represented both parties and announced the sale, describes the buyer as “an East Coast-based private family-owned diversified company with interests in real estate and agriculture.” 

The firm says the purchase was part of 1031 Exchange. 

The seller, according to county property records, is a New Jersey LLC that paid $34.5 million in 2018. SRS says the deal required the simultaneous placement of debt, subsequent loan assumption, execution of a zero cash flow paydown and a secondary loan. It advised “on the highly structured debt strategy from its inception through closing.” 

The property, which Sherwin-Williams uses for storage and distribution, was originally built in 1992. It underwent a significant expansion this year with the addition of new buildings and office space. 

Sherwin-Williams has as a corporate-guaranteed triple-net lease with a new long-term extension. 

John Redfield with SRS represented the seller and the firm’s Matthew Mousavi and Patrick Luther represented the buyer.