SRS announced a $133 million warehouse sale involving a 1031 exchange buyer.
SRS Real Estate Partners announced the sale on October 22. The Winter Haven, Florida, facility contains 685,000 square feet and is fully occupied by Sherwin-Williams under a corporate-guaranteed triple-net lease with a new long-term extension.
The gross sale price equals approximately $194 per square foot, calculated from $133 million divided by 685,000 square feet. It is not the buyer’s equity investment.
The unnamed buyer is an East Coast family-owned real estate and agriculture company executing a 1031 exchange.
SRS’s release also describes PGIM credit-tenant-lease zero-cash-flow financing and loan assumption, paydown and secondary financing arrangements. A corporate-guaranteed lease does not by itself establish distributable rental cash flow to the owner.
Analysis: Lease economics, remaining term, tenant credit and debt structure all matter in underwriting this trade. The reported facts do not establish whether the exchange deadline affected the negotiated price. The cap rate and exact lease-extension length were not disclosed.
Key Takeaways
- A 1031 buyer acquired the fully leased warehouse at approximately $194 per square foot of gross property price.
- The financing structure matters; the sale price does not measure buyer equity or distributable cash income.
SRS Real Estate Partners — October 22, 2026 release reproduced by Citybiz. Confirms $133 million gross sale; 685,000 SF; Sherwin-Williams corporate-guaranteed NNN lease with new long-term extension; 1992 construction and 2026 expansion; seller Paul Profeta; unnamed East Coast family-owned real estate/agriculture company executing a 1031 exchange; PGIM credit-tenant-lease zero-cash-flow financing arrangements. · https://www.citybiz.co/article/922970/srs-real-estate-partners-announces-the-133-million-sale-of-a-single-tenant-industrial-property-occupied-by-sherwin-williams-in-winter-haven-florida/ · Approximately $194/SF is derived from gross price divided by building area. Cap rate and precise lease term remain undisclosed.
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