Fort Myers industrial park sold for $87 million

Legacy at Oriole Park, a 34-acre Fort Myers industrial complex, has been sold to EQT Exeter, the same company that paid $92 million about a year ago for a neighboring industrial park.

This time, the Pennsylvania real estate investment trust paid $87 million.

Legacy at Oriole Park is a 500,000-square-foot development made up of two 250,000-square-foot buildings with 32-inch clear heights, 72 trailer parking stalls and bay spacing.

It is at 16670-16680 Oriole Road, just off of Alico Road and Interstate 75.

One of the development’s buildings was fully leased to a single unidentified incoming tenant last year. CoStar, the commercial real estate research firm, last month called it “one of the largest deals in Southwest Florida history” and said there had only been six leases of a similar size ever recorded in the market.

Legacy at Oriole Park was developed and sold by Stonemont Financial Group and Geis Development. The pair began construction on the property in 2022 and completed work in late 2023.

Stonemont’s Vice President of Asset Management, David Kaplan, says in a statement announcing the sale that the park “represents our strategy to deliver high-quality, institutional-grade industrial assets in key growth markets, and this sale is evidence of the project’s strong appeal in a flourishing region.”

As for EQT, in March 2024 it bought the 454,200-square-foot CenterLinks Business Park for $92 million. CenterLinks is just south of Legacy at 16770 Oriole Road.

EQT has offices in 22 countries, including two in the U.S. Its U.S headquarters is in Radnor, Pennsylvania, outside Philadelphia, and its main European office is in London.

The company’s online portfolio shows it already has a presence in Florida and along the Gulf Coast, with 12 properties south from Tampa to Fort Myers and east to Lakeland and Haines City.