Updated Dec 4, 2024
Michael Klein's Glenstar Logistics Leases 56,705 SF To Fortune 500 At Fort Myers
6115 Waycross Road & 6150 Waycross Road
Building Size
56,705 SF
Asset Type
Industrial
Closing
Feb 29, 2024
About this deal
AI
The industrial property located at 6115-6150 Tri-County Commerce Way in Fort Myers spans 56,705 square feet and was recently leased. The deal involved Glenstar Logistics, headed by Michael Klein, as the landlord, and the tenant was a Fortune 500 beverage company. The leasing transaction was facilitated by Bob Johnston of Lee & Associates for the Tri-County 75 industrial park, strategically situated at the southeast corner of I-75 and Luckett Road.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not Available
- Address: 6115-6150 Tri-County Commerce Way
- Market: Fort Myers
- Landlord: Michael Klein - Glenstar Logistics
- Tenant: Fortune 500
- Broker: Bob Johnston - Lee & Associates
Additionally, the Tri-County 75 industrial park was developed in partnership with Columnar Holdings, and there are plans for more space within the park to be leased in the near future. The lease agreement secured by Glenstar Logistics for the 56,705 square feet marks a significant milestone for the industrial park, further solidifying its position in the Fort Myers market.
Players
Fort Myers Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93