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Business Observer Tuesday, Jan. 18, 2022 4 months ago

New York firm buys HVAC company's facility for $8.1 million

Seagate Development has sold the Conditioned Air warehouse in Fort Myers; company's lease runs through 2030
by: Louis Llovio Commercial Real Estate Editor

FORT MYERS — Seagate Development Group has sold Conditioned Air’s South Fort Myers facility for $8.1 million to a New York real estate investment trust.

The 53,000-square-foot facility at 14550 Global Parkway was completed last year and houses the Naples-based air conditioning company’s Fort Myers office. The buyer is One Liberty Properties out of Great Neck, New York. 

Conditioned Air has offices in Naples and Venice as well. The company, founded in 1962, serves commercial and residential customers from Manatee County south to Collier County. It employs more than 400 people.

The Fort Myers facility is a “Class A concrete tilt industrial property” according to Seagate, with 24-foot clear heights in the warehouse and 18 loading dock doors. Conditioned Air has executive offices, a training center and lab along with the warehouse at the facility.

Matt Price, Seagate’s CEO and partner, says in a release announcing the sale that the company had no intention of selling the property. But after meeting with officials from One Liberty “we were convinced the building would be left in good hands.”

In its own release, One Liberty says Condition Air’s lease lasts through 2030 with an annual base rent of about $443,000. Annual 3.8% increases start in 2023. The company “anticipates obtaining nine-year mortgage debt of $4.8 million, an interest rate of 3.09% and amortizing over 25 years, on this property.”

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