Behind the scenes of every Southwest Florida-produced bag of Fritos and Cheetos lies a new landlord.
GWL 9111 CHEETOS LLC paid $33 million on Dec. 23 for a 104,160-square-foot warehouse that broke ground in March 2024 and was built to be leased by Frito Lay, public records show.
The warehouse is at 9111 Cheetos Circle, which is on the east side of Oriole Road, just north of Alico Road in south Fort Myers and west of Interstate 75.
The warehouse was developed by SunCap Property Group, headquartered in Charlotte, North Carolina.
The seller declined to comment.
The new corporation is owned by GTJ REIT Inc., based in Garden City, New York. That company, which is publicly traded, also declined to comment.
GTJ REIT’S website details its history of being involved with commercial real estate in the New York City area, having leased bus depots and maintenance facilities for the city in 2007.
In 2013, GTJ merged with a real estate company, boosting its portfolio from seven to 32 properties. In recent years, that portfolio has grown to about 50 properties and almost 6 million square feet.
This marks one of the company’s first forays into Florida.
The deal stands out as another example of Southwest Florida’s economy continuing to attract out-of-market investors, said Justin Thibaut, CEO of LSI Companies, a brokerage company that was not part of this deal.
“Assets with long-term tenancy from credit tenants continue to attract investors to our market,” Thibaut said. “Generally, tenants like Frito Lay maintain their positions for extended periods of time, which makes this a safe investment vehicle with upside over time. I’m not surprised to see this trade at a healthy price per square foot given the investment grade tenant in place.”
Adam Palmer, a broker with LQ Commercial, also wasn’t involved with the deal. He said the deal followed a recent trend of industrial space selling for big dollars to out-of-market investors.
“It’s investment grade, income producing in a sector that’s under built and in high demand,” Palmer said. “Usually with the preferred developer knowing they’re going to sell it, it allows them to get more aggressive with the costs. Being in business is about margins and making money.
“It’s a logistics center. It handles distribution of their product. Which is a very desirable sector of commercial real estate now. There’s such a demand for Class A industrial and particularly in SWFL, where it’s still underbuilt.
“Whatever Frito was paying for rent, the institutional buyer was going to have an expectation on that, and that’s how they determined a purchase price on it.”
REIT stands for Real Estate Investment Trust.
“They go out and buy these investment grade real estate deals,” Palmer said. “The REITS that are publicly traded, their stocks go up and down. You’d want to know what kind of properties are in their portfolio. Are you bullish or bearish on those types of properties?”
A $33 million deal in Southwest Florida stands out, with only a handful of such deals closing each year, Palmer said.
“For a publicly traded REIT, it’s just another day at the office,” Palmer said.
