A record-setting $155.1 million industrial warehouse complex sale has closed in Fort Myers.
The path to the local broker’s role in a “home run” series of transactions began with him slipping a sheet of notebook paper under a closed office door five years ago.
Chicago-based Walton Street Capital made the purchase Oct. 21 of what is called Tri-County 75. The deed was recorded Oct. 30.
The new owner will be collecting rent checks from an array of national tenants, including some Fortune 500 companies, that have almost fully leased the combined 818,000 square feet spread across four buildings on 72 acres. It’s located at the southeast corner of Luckett Road and Interstate 75, at 6115-6150 Tri County Commerce Way.
Texas-based Columnar bought the raw land for $7.25 million in 2019 under the name Luckett Industrial LLC, property records show. That deal went down after Columnar’s broker, Bob Johnston of Lee & Associates Naples-Fort Myers, slipped that sheet of paper under the door of the seller’s broker. Johnston said he wrote: “Bob has counteroffer” on it.
“The selling broker could not see me because he was on a conference call with the owner of the property,” Johnston said. “He read it aloud.”
The former owner then learned he could make more money selling to Columnar, which was how that deal went down, leading to the current one that is believed to be the highest sale price in Lee County and Southwest Florida history for an industrial warehouse property.
In 2022, Columnar partnered with Chicago-based Glenstar Logistics and formed CG Lee Ind Property Owner LLC. They began developing the land and constructing the warehouse.
Two years later, most of the tenants moved inside. Only 44,000 square feet remain, and Johnston expects to lease that by the end of the year.
CBRE, a national brokerage firm, represented the buyer and seller in the deal. It did so while enlisting Johnston and Lee & Associates for assistance.
Johnston handled the leasing. He said his local knowledge helped him land the largest tenant before the building broke ground.
Ferguson Enterprises, the largest plumbing supplier in the U.S., signed a deal to lease about 250,000 square feet — about a third of the total available.
“In two and a half years, we leased it up to 95% occupancy,” Johnston said. “And look at the tenants.”
Keurig Dr. Pepper, which has a portfolio of 125 brands, leased space.
NB Handy, founded in 1891, is one of the nation’s oldest building supply companies. Based in Virginia, it distributes metals, HVAC, commercial roofing and machinery products.
Campbell Soup Co. has space there, too.
Costco Wholesale needed storage to assist with supplying its area retail locations in Fort Myers, Naples, etc.
Good Greek Moving & Storage, headquartered in West Palm Beach, continues to expand into Southwest Florida.
Mechanical One, a home repair and maintenance company; Coldest, a Naples-based manufacturer of water bottles and other related products; J.B. Hunt transportation and logistics; San Benito Shutter; Riverstone Logistics and Aviation Precision Technology round out the list.
Jerry Messonnier, a broker with Lee & Associates, said he never has seen another deal like this in Lee County.
In March, EQT Exeter paid $92.5 million for CenterLinks Business Park, which consists of nine warehouse buildings combining for 453,940 square feet of space.
In 2021, ET FT Myers LLC paid $67.8 million for what is now used by Amazon as a distribution facility off Alico Road.
“Why was it so big?” Messonnier said of the Tri-County 75 deal. “I would say it was so big because it was institutional grade industrial product, which attracts national buyers. Our tenants, we were able to locate them and handle a lot of high-quality companies that are expanding into the area and also moving into the area.”
It was also big because of the building’s specifications.
The rear load and cross-dock facilities range in size from 76,210 to 404,050 square feet and feature best-in-class specifications with concrete tilt-up construction, 32- to 36-foot clear heights, 142 trailer parking spots, large truck courts, abundant trailer stalls and easy interstate access, Glenstar Logistics officials said.
“We identified the strong demand for industrial in Southwest Florida, secured an ideal land site and developed speculative warehouses with an ‘end-user first’ approach,” said Brian Netzky, principal of Glenstar Logistics. “As a result, we quickly leased the buildings to Fortune 500 and fast-growing local firms seeking easy access to Interstate 75 and Southwest Florida International Airport. With this sale, we achieved our development goal for Tri-County 75 and delivered excellent returns for our investors.”
Lee & Associates received an undisclosed percentage of the sale along with CBRE, Johnston said.
“We say a home run when a broker sells the land, leases the building and then sells the building,” Johnston said. That’s what they call it. I call it a broker’s dream.”
Justin Thibaut, CEO of LSI Companies, called it a region’s dream. He was not involved with this deal, but he markets area land to national companies looking to build the next Tri-County 75.
“We’re in the days now where Southwest Florida is continuing to see $100 million to $200 million dollar deals,” Thibaut said, noting the $190-per-square-foot price, which was actually less than the $205 per square foot at Center Links. “This is larger scale, higher interior heights. They’re both industrial, but two different sub types.
“I’m not too surprised to see a $190-per-square-foot transaction for this. I think the buyer, and that is Walton Street Capital, that’s an interesting part of the story. I don’t think many in this market expected them to be the buyer. They’re breaking into the market. It’s just a further testament that industrial is one of the market segments that’s carrying the economy for commercial real estate transactions.”
