A three way partnership between Geis Cos. subsidiary The Geis Growth and Westminster Capital has delivered Meridian Enterprise Park, a four-building, 208,000-square-foot distribution heart in Fort Myers, Fla. The builders broke floor on the venture in 2022.
Constructed on a 5.4-acre website, Meridian Enterprise Park includes a 75,000-square-foot constructing and a 60,000-square-foot one, in addition to two 35,000-square-foot amenities. Every constructing has a 21-foot clear peak. The campus additionally options ESFR sprinklers, in addition to a complete of 19 drive-in doorways and 544 parking areas.
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The economic complicated is already 70 % leased, with three of the 4 amenities being totally leased. A number of the tenants embrace Frigid Inflexible, Lehman Pipe & Plumbing, LiquiGlide and Concentra, in addition to American Merchandise Distributors, to call a number of.
Situated at 16101, 16140, 16200 and 16251 Parallel Drive, Meridian Enterprise Park is lower than 3 miles from Interstate 75 and 4 miles from the Southwest Florida Worldwide Airport, whereas the Fort Myers Seashore Port is roughly 17 miles southwest.
The situation can be 3 miles from the 482,000-square-foot Highland Commerce Heart of Fort Myers, an industrial property that got here on-line simply final month. The speculative venture confronted a set of strange challenges, together with Hurricane Ian and bald eagles nesting on the website.
Southwest Florida Coast’s industrial emptiness on the rise
The Southwest Florida Coast’s industrial pipeline had some 400,000 sq. toes of under-construction area within the first quarter of this 12 months, as reported by Cushman & Wakefield. In the meantime, absorption dropped over the quarter from 1.8 million sq. toes on the finish of 2023 to simply 135,000 sq. toes.
Following nationwide developments, the area’s emptiness fee grew by 220 foundation factors year-over-year in March, touchdown at 2.8 %. Nevertheless, the index remained means beneath the nationwide common of 5.8 %, based on the identical report.
