Updated Dec 4, 2024
Ward Fitzgerald Acquires Industrial Property In Fort Myers For $92.5M
16850 Oriole Road
$92,500,000
$203/SF
Building Size
453,940 SF
Asset Type
Industrial
Closing
Mar 13, 2024
About this deal
AI
The industrial property located at 16850 Oriole Road in Fort Myers was successfully sold for $92,500,000. The asset spans 453,940 square feet, resulting in a price per square foot of $204.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $92,500,000
- Buyer: Ward Fitzgerald - EQT Exeter
- Seller: John McGarvey, Jeff McGarvey & William Way - McGarvey Development Company
- Broker: Adam Palmer
The sale involved key individuals including Ward Fitzgerald representing EQT Exeter as the buyer, and John McGarvey, Jeff McGarvey, and William Way representing the McGarvey Development Company as the sellers. Adam Palmer served as the broker facilitating the transaction.
On the Map
$92,500,000
$203/SF
Industrial
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Players
Fort Myers Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93