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BUYER: Eastlinks 56 LLC (principals: John McGarvey and William Price Jr.), Fort Myers
SELLER: Westlinks East Associates LLC
PROPERTY: 12681 Gateway Blvd., Fort Myers and additional land, Fort Myers
PRICE: $1.75 million
SELLER: The Gateway Building LLC
PROPERTY: a portion of Gateway Boulevard, Fort Myers
PRICE: $630,000
LAW FIRM ON DEED: Porter Wright Morris & Arthur LLP, Naples
PLANS, DESCRIPTION: McGarvey Development Co. has transferred 8.4 acres in Eastlinks Business Park to another limited liability company it owns for the development of the new Gartner building.
The developer has already started construction on a 120,000-square-foot, three-story building for Gartner Inc. to replace a 60,000-square-foot building it leases in Fort Myers. The tilt-up facility will feature energy-efficient glass, a chilled-water HVAC system and a transformer capable of running the building in case of a power outage.
McGarvey Development is working to have the $20 million building completed before the end of the year.
“This is the biggest real estate [development] that's been done in Fort Myers certainly in last four years, if not in the last six or seven,” says Bill Price Jr., executive vice president of asset management for McGarvey Development. “This is a huge feather in our economic development cap. Given what we've all been through, I think it's a major indication that Fort Myers is on the map for corporate relocations and locations.”
Further, Price says, this project and several others recently suggest to him an improvement in the local commercial real estate market.
McGarvey Development will be the owner of the building, which will be leased to Gartner for an initial 15-year term. Price declined to disclose any additional lease terms.
The new limited liability company mortgaged the property in Eastlinks Business Park to TD Bank NA for $13.8 million.
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