Multinational corporation Costco Wholesale recently announced the acquisition of a 55-acre development site in Fort Myers, Fla. Located at the signalized intersection of Colonial Boulevard and Plantation Road with additional frontage along Metro Parkway, the site reportedly makes this purchase one of the largest and highest-value land sales in the history of the southwest Florida commercial real estate market.

Chuck Mayhugh and Chase Mayhugh of Mayhugh Commercial Advisors represented the seller in the transaction, which saw the Fort Myers land property change hands for an overall purchase price of $55 million, or approximately $23 per square foot. According to statements of sale released by the retailer, this set a regional record on a per-acre basis for a tract exceeding 25 acres.

“Costco’s site selection process is extremely thorough, and infrastructure was the defining factor here,” said Chuck Mayhugh. “This property offered the roadway network, access, and scale needed to support their long-term vision. It stood out clearly against competing sites.”

Combined traffic counts here exceed 100,000 vehicles per day, which provides the scale and accessibility that a high-volume retail destination would require. The site offers more than 1,100 feet of frontage on Colonial Boulevard; more than 3,100 feet along Plantation Road; and roughly 700 feet on Metro Parkway.

Features at the new Fort Myers commercial real estate development will include: multiple ingress and egress points; improved traffic circulation and safety design; enhanced fueling station capacity; and potential signalized access and dedicated turn lanes.

“This is the type of project that reshapes a corridor,” Mayhugh added. “It brings sustained traffic, supports surrounding businesses, and reinforces southwest Florida as a target market for national retailers and institutional capital. We had strong interest from multiple groups looking to break the property up, but selling it as one site allowed for a much more strategic outcome and, ultimately, attracted a world-class buyer like Costco.”