A four-building portfolio in Fort Myers sold for $48.4 million, the largest industrial sale in Southwest Florida this year, according to the seller’s broker.
A joint venture between Ohio-based Geis Companies and Illinois-based Westminster Capital sold the newly constructed Meridian Business Campus at 16101-16301 Parallel Drive to Capital Partners, according to a news release from JLL Capital Markets, which repped the seller. The campus, developed by the seller and completed in 2023, spans 208,400 square feet. The average building size is 52,000 square feet, and the average suite size is 19,000 square feet, the release said.
It’s the largest industrial sale this year in the region comprising Lee, Collier, Glades, Hendry and Monroe counties, the release said.
Minnesota-based Capital Partners financed part of the acquisition with a $30.5 million loan arranged by CBRE Group. Billy Mork of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured a 10-year fixed-rate loan on behalf of the buyer, according to CBRE.
The property is 96.5 percent leased to eight tenants, in distribution, building supply, manufacturing and healthcare services.
Capital Partners has $1.8 billion in assets under management, with over 17.5 million square feet of industrial products and more than 680 tenants, according to its website.
Despite a vacancy rate that rose to nearly 10 percent at the end of last year, Southwest Florida’s industrial market continues to rank among Florida’s fastest growing industrial markets by inventory, according to Colliers. With deliveries outpacing demand, older facilities are facing longer downtime and concession pressure while modern buildings are leasing steadily.
Developers are continuing to build, with 2.2 million square feet under construction, signaling optimism about the market’s long-term outlook.
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