McGarvey Development, a multi-generational construction company, has announced that CenterLinks Business Park, its largest commercial development, has been sold. EQT Exeter, a global private equity company paid $92.5 million for CenterLinks Business Park, setting the record for an industrial real estate purchase in Lee County.
FORT MYERS, Fla., June 26, 2024 /PRNewswire-PRWeb/ -- McGarvey Development, a multi-generational construction company, has announced that CenterLinks Business Park, its largest commercial development, has been sold. EQT Exeter, a global private equity company paid $92.5 million for CenterLinks Business Park, setting the record for an industrial real estate purchase in Lee County.
The 41 acre industrial park is located along Oriole Road near Alico Road just west of Interstate 75 in Fort Myers. CenterLinks contains approximately 450,000 square feet of warehouse buildings, 100 percent dock-high office-industrial flex units, and general or medical office space. The early exit from the CenterLinks project comes on the heels of McGarvey's completion of SouthLinks Business Park between 2017-2000, a similar development in Bonita Springs.
Despite CenterLinks being listed with LQ Commercial, it was a decades-long relationship that ultimately resulted in finding the right buyer. John McGarvey, president of McGarvey Development and Ward Fitzgerald, Global CEO of EQT Exeter are longtime acquaintances from the Philadelphia area. A chance sighting by Fitzgerald of a McGarvey Custom Homes vehicle in Naples during a family trip prompted him to reach out and reconnect with John. That well-timed visit allowed the two men to begin discussing business opportunities.
Although there were multiple buyers submitting offers for CenterLinks, John and Ward's working relationship became a decisive factor in closing the deal. "You never forget the people who helped you build something from the ground up," said John McGarvey. "Selling CenterLinks for a record price was fantastic, but honestly, this transaction fosters deeper collaboration with our trusted partners and strengthens our industrial presence in Southwest Florida, both of which are critical to achieving our ultimate goal."
Adam Palmer, CCIM, managing director and Mike Doyle, CCIM, senior associate at LQ Commercial have worked alongside the McGarvey team for several years to represent their various development projects. Their strategic marketing efforts yielded multiple buyers interested in CenterLinks. "Sure, there were other offers on the table, but sometimes business is about more than the bottom line. This deal felt right." McGarvey added.
EQT Exeter is a global private equity firm with more than 50 locations around the world. European headquarters are in London and U.S. operations are based in Pennsylvania. "This is EQT Exeter's first purchase in Southwest Florida. CenterLinks is 100% dock-high and an ideal fit for our company's portfolio which prioritizes traditional, industrial class A space," said Fitzgerald. "CenterLinks' strategic location at the nexus of local logistics infrastructure makes it a prime location for attracting a diverse tenant base."
McGarvey Development collaborates with their tenants to customize their locations. The construction firm prides itself on quality craftsmanship and elite buildout quality. This strategy accelerates the ability of their tenants to get operational the day they receive their keys. In turn, these customization projects boosted tenant satisfaction and increased the value of the leases which contributed to the record sales price of CenterLinks.
"The CenterLinks transaction happened in an expedited fashion from handshake to closing, between Jan. 31 to March 13, 2024, which is unusual for a project of this size. Short cuts were not taken. Every lease was scrutinized," said William Way, asset manager at McGarvey Development. "There was full commitment from the two teams to perform the work required. During EQT Exeter's due diligence there were no complaints uncovered during interviews with tenants of CenterLinks."
The surge of migration to Florida that ensued after the pandemic in 2020 has attracted businesses to locate or expand to the region. "In less than four years since our groundbreaking, we were at 90 percent build out and leasing of CenterLinks when various equity firms started inquiring about buying. That's very early for a development of this size," said Jeff McGarvey, sales and marketing director at McGarvey Development. The nine warehouse buildings that comprise CenterLinks house nearly 40 tenants from an array of industries. As a result, more than 300 jobs have been created within the CenterLinks Business Park. "CenterLinks was uniquely positioned to accommodate these businesses and help them customize their space."
Although EQT Exeter owns millions of square feet in metro areas along the east coast of Florida, this is their first acquisition in Lee County. Now, EQT Exeter is looking to expand its portfolio in the region. Specifically, the firm seeks to build upon its partnership with McGarvey Development and is looking for land to acquire and develop in Southwest Florida including Charlotte County. John McGarvey added, "we will remain loyal to our partners and actively explore ways we can optimize our industrial portfolio and redeploy our capital into new projects."
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About McGarvey Development Company
McGarvey Development Company is a fully integrated real estate and construction company with more than 35 years of residential and commercial development experience. Our full-service architectural, innovative design and elite construction team develops exceptional class A and commercial flex space customized to ensure maximum efficiency and productivity for our clients. Headquartered in Fort Myers, Fla., the McGarvey Companies include McGarvey Construction Company of Florida, J. McGarvey Construction, McGarvey Realty, and McGarvey Custom Homes. For more information, visit mcgarveydevelopment.com or call (239) 738-7800.
Media Contact
Jeff McGarvey, McGarvey Development, 1 (239) 738-7800, [email protected], https://www.mcgarveydevelopment.com
SOURCE McGarvey Development
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