Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has originated a $97.5 million loan to finance the ground-up development of the Tri County 75 Industrial Campus, a 819,000 square foot industrial complex to be built in Fort Myers, FL. The loan was made to a joint venture between Glenstar, a vertically integrated commercial real-estate firm led by Michael Klein, and Columnar Holdings, led by Daniel Traylor.
Square Mile Capital Principal David Greenburg commented, “This transaction resulted
from a compelling opportunity to provide construction financing in a market with strong industrial fundamentals. The property is strategically positioned along major
thoroughfares that service Sarasota, Tampa, and Naples, making it attractive to a wide
range of tenants. We expect the project to be well received by the market upon delivery
as a result of the Fort Myers submarket’s low industrial vacancies, high net absorption,
and extensive list of tenants looking for space in the area.”
The Tri County 75 Industrial Campus will provide immediate access to I-75 and
Highways 80 and 82. It will consist of three rear-loaded buildings and one cross-docked
building featuring 32-foot and 36-foot ceiling heights, 875 car and trailer parking stalls,
and a total of 232 dock doors. Vertical construction at the project is anticipated to begin
in September 2022 with an estimated delivery starting in Q2 2023 and ending in Q3
2023.
