SRS Real Estate Partners’ National Net Lease Group (NNLG) completed the $58.2-million sale of a 1,283,360-square-foot industrial distribution property fully occupied by Sherwin Williams. The property is situated at 711 W. Wabash Ave. in Effingham, IL.
SRS NNLG’s John Redfield, Britt Raymond and Kyle Fant represented the seller, a private partnership. The buyer, ExchangeRight, was represented by JRW Realty.
“We selected a well-qualified buyer and met the seller’s goal of closing this transaction before year-end,” said Redfield. “With a corporate-guaranteed absolute net lease structure this strategically located, below replacement cost, industrial asset will be a great addition to the buyer’s industrial portion of its net lease portfolio.”
This is the only facility that Sherwin Williams uses to distribute coatings for the automotive industry nationwide, making it a mission-critical site. Its centralized location provides the ability to reach a majority of the nation within a one day or less drive.