The developers behind Tri County 75 Industrial Campus secured a loan from a New York real estate investment firm.
Developers behind a Fort Myers industrial development have obtained $97.5 million in financing to build the project.
Square Mile Capital Management announced Tuesday, Sept. 6 that it had originated the loan for the 808,629-square-foot Tri County 75 Industrial Campus. The loan was made to the commercial real estate firm Glenstar and Columnar Holdings, the companies developing the project.
Tri-County, according to a brochure, is a 72-acre master-planned industrial development at Interstate 75 and Luckett Road. The project will consist of five buildings ranging between 76,730 square feet and 216,412 square feet. The property is zoned for e-commerce, logistics, distribution and light/heavy industrial.
The buildings will have 32-foot and 36-foot ceiling heights. The project will include 875 car and trailer parking stalls and a total of 232 dock doors. Construction is expected to begin this month with deliveries expected to begin in the spring.
Terms of the loan were not disclosed.
David Greenburg, Square Mile’s principal, says in the announcement that “this transaction resulted from a compelling opportunity to provide construction financing in a market with strong industrial fundamentals.
“The property is strategically positioned along major thoroughfares that service Sarasota, Tampa and Naples, making it attractive to a wide range of tenants. We expect the project to be well received by the market upon delivery as a result of the Fort Myers submarket’s low industrial vacancies, high net absorption and extensive list of tenants looking for space in the area.”
News of the financing comes a month after two other developers announced they were building about 1 million square feet of industrial space in and around Fort Myers.
These projects include a 500,000-square-foot industrial park in Fort Myers and a $50 million 378,000-square-foot industrial project in Punta Gorda, Charlotte County.