Pasadena-based real estate brokerage firm JRW Realty has closed on the transaction of a 1.3 million square-foot single-tenant distribution center in Effingham, Illinois.
The property is currently tenanted by Sherwin-Williams, a paints and coatings distribution company operating nationwide.
In a statement, JRW Realty said analyst Nathan Webb facilitated the transaction under the guidance of Joel Staffilino, president of multi-tenant retail at JRW. SRS National Net Lease Group represented the seller in the transaction.
“Facilitating the addition of this distribution center materially expands our client’s footprint in the industrial asset class while staying true to their roots of focusing on properties backed by creditworthy and essential businesses,” Staffilino said.
“Distribution centers have become vital to retailers as e-commerce and traditional brick-and-mortar retail continues to evolve. We’re increasingly seeing traditional retail locations and retail logistics locations become dependent on one another. We look forward to sourcing additional properties that support necessity-based operators on the distribution side as well as the retail side to provide our clients with opportunities that align with their acquisition strategy.”
The company said the property meets the acquisition criteria of JRW Realty’s buyers, who have a strong appetite for acquiring grocery-anchored multi-tenant shopping centers and individual net-leased properties. It added their streamlined closing processes enable its team to close transactions in as short as 28 days after going under contract.
JRW Realty said it has closed over $3 billion in transactions across over 850 properties on behalf of its clients.