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A 685,000-square-foot Sherwin-Williams distribution center in Winter Haven, Florida, has sold for $131 million. The facility at 400 Bert Schulz Blvd. near U.S. 27 changed hands in a transaction announced by SRS Real Estate Partners on October 24, 2026. The buyer was not publicly identified; SRS described it only as an East Coast-based, private family-owned diversified company with real-estate and agriculture interests.
What sold in the Polk County transaction?
The asset is a logistics and storage complex occupying less than 40 acres off Old Lucerne Park Road in Winter Haven. Originally built in 1992, it received a significant expansion in 2026 that added buildings and office space. Sherwin-Williams uses the property for storage and distribution.
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| Transaction detail | Reported information |
|---|---|
| Sale price | $131 million |
| Building area | 685,000 square feet |
| Address | 400 Bert Schulz Blvd., Winter Haven, Florida |
| Site area | Less than 40 acres |
| Original construction | 1992 |
| Recent work | 2026 expansion adding buildings and office space |
| Tenant | Sherwin-Williams |
| Lease structure | Corporate-guaranteed triple-net lease with a new long-term extension |
Business Observer reported the sale price and property details. A Polk County index entry dated October 23 listed $133 million, but that headline conflicts with the detailed report and the canonical transaction announcement. The $131 million figure is the supported amount; the higher figure should be treated as an unverified discrepancy.
Who bought the Sherwin-Williams warehouse?
The purchaser’s legal name has not been disclosed. SRS Real Estate Partners characterized the buyer as “an East Coast-based private family-owned diversified company with interests in real estate and agriculture.” That description does not establish a specific company, and neither the buyer nor the seller should be identified beyond the information released.
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John Redfield of SRS represented the seller. SRS’s Matthew Mousavi and Patrick Luther represented the buyer. SRS announced the transaction and advised on its financing strategy.
Who sold the property, and what was its earlier purchase price?
Polk County property records identify the seller as a New Jersey limited-liability company. Business Observer reported that the LLC paid $34.5 million for the property in 2018. The record therefore shows a substantial increase between the 2018 acquisition and the 2026 sale, but the sources do not provide enough information to calculate a comparable investment return: financing costs, capital spending, operating income, taxes and the seller’s ownership expenses are not disclosed.
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SRS said the purchase was part of a 1031 exchange, a tax-deferred transaction in which an investor exchanges one qualifying investment property for another rather than immediately recognizing the entire gain. The release also described a financing sequence rather than a simple cash purchase.
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- Debt was placed simultaneously with the transaction.
- The buyer subsequently assumed a loan.
- A zero-cash-flow paydown was completed.
- A secondary loan was added.
- SRS advised on the highly structured debt strategy from its inception through closing.
The public account does not state loan amounts, interest rates, maturities, covenants or the properties involved in the exchange. Those missing terms prevent an outside reader from determining the buyer’s leverage or the transaction’s after-tax economics.
Why does the Sherwin-Williams lease matter to investors?
The facility is subject to a corporate-guaranteed triple-net lease with a new long-term extension. In a triple-net arrangement, the tenant generally pays property taxes, insurance and maintenance in addition to rent, shifting many ownership expenses away from the landlord. The corporate guarantee links the lease obligation to Sherwin-Williams rather than only to a local property entity.
The sources do not disclose the extension’s length, rent schedule, escalations, renewal options or remaining term. Those provisions are critical to valuing a single-tenant industrial property, so the $131 million sale price should not be converted into an implied yield without them.
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Why are Central Florida industrial properties attracting capital?
The sale took place against a strong regional-demand backdrop, although market statistics do not determine this property’s individual value. JLL reported that the Lakeland industrial market recorded nearly 3 million square feet of net absorption in 2025, matching its historic 2021 peak and rising 74% year over year. JLL also reported more than 10 million square feet of active tenant requirements.
JLL Managing Director Cody Brais said the sale of Lakeland Commerce Center demonstrated investor confidence in Central Florida’s industrial fundamentals, citing tightening vacancy and accelerating rent growth as support for value-add strategies. Those observations describe the broader market; they are not a valuation opinion on the Sherwin-Williams facility, whose lease economics and financing terms have not been published.
What should readers verify before comparing this sale with another warehouse?
A headline price alone is not an apples-to-apples comparison. Investors evaluating another industrial transaction should line up the same core variables:
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- Sale price and price per square foot, if both are available.
- Building size, site area and highway or distribution access.
- Remaining lease term, rent escalations and renewal options.
- Tenant credit and whether a parent-company guarantee applies.
- Whether the lease is triple-net or requires the owner to pay operating costs.
- Financing structure, assumed debt and any secondary loans.
- Recent expansions or capital improvements included in the sale.
For this transaction, the sources provide the $131 million price and 685,000-square-foot size but do not state a price-per-square-foot calculation, lease rate or detailed term sheet.
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Frequently Asked Questions
Where exactly is the Winter Haven distribution center?
The facility is at 400 Bert Schulz Blvd., off Old Lucerne Park Road near U.S. 27 in Winter Haven, Polk County, Florida. Its location places the property in the Lakeland-area industrial market used in regional demand statistics.
Does the disclosed buyer description identify a specific investment firm?
No. “East Coast-based private family-owned diversified company” is a general profile, not a legal name. Public information does not support inferring the buyer’s identity from that description.
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What information is still unknown about the sale?
The public reports do not state the buyer’s name, purchase-money amount, loan balances, interest rates, lease rent, extension term or capitalization rate. Those omissions limit any independent calculation of yield or total return.
Why might two published headlines show different sale prices?
The $133 million figure appeared in a Polk County index entry, while the detailed transaction report and canonical announcement state $131 million. Until the discrepancy is reconciled by an authoritative filing or correction, the detailed $131 million report is the defensible figure.
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