When a property deal takes more than two years to close and involves layered financing, multiple parties, and a tenant waiting on its certificate of occupancy, the final handshake is more than a transaction — it’s a test of endurance. That’s exactly the scenario SRS Real Estate Partners navigated to seal a $133 million sale of a 685,000-square-foot industrial facility in Winter Haven, Florida, fully leased to Sherwin-Williams.
SRS completes the $133 million sale of a 685,000-sf industrial property fully occupied by Sherwin-Williams at 400 Winter Haven Boulevard in Winter Haven, FL.
The deal caps off more than two years of collaborative advisory work involving multiple parties and several financing components, according to John Redfield, Senior Vice President and Principal at SRS. The property, situated on just under 40 acres, functions as a major distribution center for Sherwin-Williams and carries a corporate-guaranteed triple-net lease with a new long-term extension.
Redfield represented the seller, a private owner based in New Jersey. On the buyer’s side, SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther represented an East Coast-based private family-owned diversified company with interests in both real estate and agriculture. The purchase was part of the buyer’s broader 1031 exchange strategy, with SRS playing a key role in placing a significant portion of the proceeds.
Originally built in 1992, the property underwent a sizable expansion this year, adding new buildings and office space to boost its operational capacity. Sherwin-Williams uses the site for storage and distribution of paint and related products.
“The transaction represents the culmination of more than two years of collaboration and advisory work involving multiple parties and multiple financing components. We collaborated on a new credit tenant lease (CTL) zero cash flow financing with the seller’s advisor and PGIM which was ideal for the buyer’s 1031 exchange and helped maximize the seller’s sale proceeds,” said Redfield.
The SRS team also advised on the simultaneous placement of debt, a subsequent loan assumption, execution of a zero cash flow paydown, and a secondary loan — guiding the highly structured debt strategy from inception through closing.
Complicating matters further, the property was placed under contract as a presale before the tenant received its certificate of occupancy. Even as Treasury rates climbed significantly heading into the closing, the SRS team managed to execute the financing and bring the deal across the finish line.
“This transaction is a tremendous example of what can be accomplished through collaboration, creativity and disciplined execution,” said Mousavi. “This was not simply a single-asset sale, it was the result of a multi-year advisory effort. Being able to navigate each component and ultimately deliver a successful outcome for our clients is a testament to the strength of the team and the value of comprehensive services we provide our clients. We congratulate all parties involved on this successful outcome.”
Located near major highways with convenient access to Interstate 4, the facility offers efficient connections to key markets throughout Florida. That positioning supports the movement of goods and reinforces Winter Haven’s growing reputation as a distribution and logistics hub. Continued economic development in the area — including expansions like the Sherwin-Williams operation — is fueling business growth and local employment.
So far this year, SRS Capital Markets has completed more than $2.5 billion in deal volume across more than 500 transactions nationwide. The firm currently has over 900 properties actively on the market, with a combined market value exceeding $4.3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. A leader in consumer-driven real estate, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 30 offices nationwide, the firm measures its success by the achievement of its clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
Tracy Cobb
SRS Real Estate Partners
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Why it matters: This deal underscores how complex, multi-year advisory work — not just listing a property — is increasingly defining success in commercial real estate. For investors and landlords, it also highlights the growing value of credit-tenant industrial assets in secondary markets like Winter Haven, where logistics infrastructure is attracting serious capital.
