Florida Industrial Campus Lands $98M in Financing
Glenstar and Columnar Holdings are using the loan to develop the project in Fort Myers.
Tri County 75 Industrial Campus rendering. Image courtesy of Square Mile Capital Management
A joint venture between Glenstar and Columnar Holdings has obtained $97.5 million in financing for the development of the Tri County 75 Industrial Campus in Fort Myers, Fla. Square Mile Capital Management LLC originated the loan for the 819,000 square-foot project.
The Tri County 75 Industrial Campus will provide easy access to I-75 and Highways 80 and 82. The property is situated along major thoroughfares that service to Sarasota, Tampa and Naples, in an area with low industrial vacancies. According to the National Association of Realtors, Fort Myers ranked among the top 10 commercial real estate markets for 2021.
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The industrial campus will feature three rear-loading buildings and one cross-docked building with 32-foot and 36-foot ceiling heights. Amenities include 875 car and trailer parking stalls and 232 dock doors.
Vertical construction on the Tri County 75 Industrial Campus is set to begin this month, with an estimated delivery between the second and third quarters of 2023.
Square Mile Capital also financed a 218,000 square-foot office building acquisition and conversion in Long Island City, N.Y., through a $155 million loan. In July, an affiliate of Square Mile Capital provided $192.5 million in financing for a Boston-area life science project developed by North River Co. and Leerink Development.
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