400 Winter Haven Blvd. in Winter Haven, Florida — Courtesy: Paul V. Profeta & Associates Inc.
(Editor’s note: Paul V. Profeta is the publisher of Real Estate NJ)
By Joshua Burd
An affiliate of Paul V. Profeta & Associates Inc. has leased more than 685,000 square feet to Sherwin-Williams Co. for an expanded facility in the Central Florida city of Winter Haven.
Based in Roseland, the real estate firm said the 25-year deal will begin upon completion of construction at 400 Winter Haven Blvd. That includes a major addition to the paint giant’s existing 386,480-square-foot facility, which Paul V. Profeta & Associates acquired in 2018, in a fast-growing section of Florida between Orlando and Tampa.
Paul V. Profeta, the firm’s founder and president, also cited the parcel’s proximity to Interstate 4 and other major highways.
“I have been a landlord of Sherwin-Williams for six years and have developed a close relationship with the company,” Profeta said. “They have been a delight to deal with. This new project represents almost 700,000 square feet with a 25-year absolutely triple-net lease and with annual 3 percent increases.”
Slated for completion in early 2025, the new 685,005-square-foot facility will have a 49-foot clear ceiling height and a “super flat floor,” plus a ramp that will allow a tractor-trailer to be driven into the building. Kimley-Horn and C4 Architecture are the project’s engineer and architect, respectively.
Profeta’s firm has been a so-called preferred developer for Sherwin-Williams since 2018 and deals directly with the president of its logistics team, he said. It purchased the property that year from Gvest Winter Haven LLC, using the proceeds from the sale of a large industrial development parcel in Somerset, New Jersey, as part of a 1031 exchange.
