Firm’s latest project in partnership with Geis Construction features 500,000 square feet of Class A space in top e-commerce market
Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today it has closed on a 500,000-square-foot Class A industrial park in Fort Myers, Florida. The project, part of a joint venture with Geis Companies, is slated for completion in Q2 2023.
Known as Legacy at Oriole Road, the development will include two 250,000-square-foot warehouses situated on 35 acres designed to accommodate users as small as 37,000 square feet. The buildings feature 32-inch clear heights, 72 trailer parking stalls and above-standard bay spacing. The property also has close proximity to I-75, Route 41 and other major thoroughfares offering direct access to various key markets in the state.
“We are thrilled to grow our Florida footprint and put shovels in the ground alongside Geis in Fort Myers, which is poised to capitalize on the population and jobs boom that is already underway,” said Stonemont CEO and Managing Principal Zack Markwell. “This project serves as a strong introduction to an area seeing a clear need for speed to market of Class A industrial product. As ecommerce evolves and grows in demand for more functional distribution space, we look forward to sourcing more opportunities that will add value for our strategic partners and spur new growth in the local economy.”
“It's been great to see the Fort Myers industrial demand/evolution over the years since we started developing here in the 80’s & are excited to bring this project to the market,” said Geis Director and Managing Partner Conrad Geis.
According to the U.S. Census Bureau, Fort Myers was listed among the top 15 fastest-growing cities in the U.S. with a population growth rate of 6.8 percent. Fort Myers also ranked as the fifth most active commercial real estate market by the National Association of Realtors Commercial Real Estate Metro Market Conditions Index, boasting an industrial vacancy rate of 2.4 percent, which is well below the national average. It continues to be a hot market for large e-commerce users, with Legacy at Oriole Road’s neighboring tenants including Amazon and Wayfair.
Stonemont has been one of the nation’s key players in industrial development over the last two years, overseeing more than 25 million square feet of new development in over 25 markets across the U.S. The firm has been heavily invested in the state of Florida, with recent projects including a 1.1-million-square-foot logistics center in Port St. Lucie, Florida; 1.2 million square feet of industrial development in the greater Tampa, Florida area; over 1.3 million square feet of industrial development in greater Orlando and most recently, a 427,000-square-foot industrial park in the Sarasota submarket of Palmetto.