Glenstar JV Sells 818 KSF Florida Industrial Asset
A joint venture between Glenstar Logistics and Columnar Investments has sold Tri-County 75, an 818,000-square-foot industrial park in Fort Myers, Fla. CBRE arranged the sale.
In 2022 the duo secured $97.5 million in financing from Square Mile Capital Management for the campus’ development. Ware Malcomb was the architect, while DeLisi Fitzgerald acted as civil engineer. Last year, the four-building speculative park debuted in an area where zoning allows for e-commerce, logistics, distribution, as well as light-to-heavy manufacturing.
At the time of the transaction, the park was 95 percent leased. The tenant roster consisted of Fortune 500 3PL company J.B. Hunt, plumbing and HVAC supplies distributor Ferguson Enterprises, as well as repair and maintenance company Mechanical One, among others.
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“We developed Tri-County 75 to meet the market’s demand for modern warehouses in close proximity to the region’s transportation arteries,” Brian Netzky, principal of Glenstar Logistics, told Commercial Property Executive.
“The quick leasing to Fortune 500 as well as local companies is a testament to Glenstar’s expertise in all aspects of industrial development, from financial sourcing to construction delivery,” Netzky added.
Tri-County 75 encompasses a total of 217 dock-high doors, 16 drive-in doors, as well as 814 auto and 165 trailer parking spaces. Three of the facilities feature a rear-load configuration with sizes ranging between 76,210 and 215,884 square feet. The remaining building has a cross-dock layout and measures 404,050 square feet. Across the park, clear heights range from 32 to 36 feet, while the truck courts vary between 130 and 185 feet.
Located on 72 acres at 6115-6150 Tri County Commerce Way, the infill, last-mile industrial campus is less than 7 miles from downtown Fort Myers. The Southwest Florida International Airport is roughly 15 miles southeast and the Port of Fort Myers Beach operates about 24 miles southwest. Interstate 75, which runs near Bonita Springs, Port Charlotte and Sarasota, is less than 1 mile away.
The CBRE team that brokered the sale on behalf of the joint venture included Vice Chairmen Jose Antonio Lobón, Frank Fallon and Trey Barry, as well as Senior Vice President Kris Courier and Vice President Royce Rose, to name a few.
A move toward industrial development
Glenstar Logistics—the industrial arm of Glenstar, an office and multifamily developer—announced one of its first forays into the industrial sector in February 2023. The developer has another project in the works in South Carolina, where Cherokee Commerce Center 85’s first facility is approaching completion. Upon full buildout, the development will total 3.6 million square feet.
At that time, the company expanded its focus to include industrial development on the backdrop of the sector’s growth in the Southeast, Michael Klein, Glenstar Properties co-founder & managing principal, previously told CPE.
Southeast Florida Coast industrial sales
According to a report by Colliers, the Southeast Florida Coast’s industrial sale volume for 2024’s second quarter was less than $50 million—down nearly 66 percent compared to the figure of almost $150 million registered during the first quarter.
Since the start of 2022, the market’s vacancy rate jumped 530 basis points and landed at 6.4 percent in June, the report goes on to show. Industrial deliveries nearly doubled from 650,000 square feet in the first half of 2022 to 1.2 million square feet in 2024, driving the vacancy trend.
Industrial absorption in the second quarter was positive at 217,233 square feet, Colliers goes on to show. Tri-County 75’s leases accounted for 76 percent of all the positive absorption registered during 2024’s second quarter.
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