October 23, 2023
Glenstar Logistics Inks 2 Industrial Leases Totaling 75,650 SF at Tri-County 75 in Fort Myers, Fla.
Glenstar Logistics today announced the signing of two new tenants for space totaling 75,650 square feet at Tri-County 75, a 72-acre industrial park that broke ground in 2022 in Fort Myers, Fla. Developed by Glenstar Logistics and Columnar Holdings, the new industrial campus at 6115-6150 Tri-County Commerce Way spans 816,866 square feet across four buildings.
Coldest, a Florida-based manufacturer of water bottles and other related products that keep you colder longer, inked a lease for 52,866 square feet of warehouse and office space in Building 4 at the park and will relocate from its current 15,000-square-foot warehouse in Fort Myers. Coldest is primarily an online retailer and will use the space to store its products and pack and ship orders.
“We’re expanding faster than expected – this marks our fourth headquarters space since starting the company in 2015, but I anticipate this one will meet our needs for many years to come,” said David Ahmad, founder of Coldest, which was ranked No. 480 on Inc. Magazine’s 2021 list of the 5,000 fastest-growing private companies in America. “Our new space at Tri-County 75 will allow us to move higher volumes of product quickly and more efficiently. We also chose the building because of its great visibility off I-75.”
A large third-party logistics provider signed a 22,784-square-foot industrial lease at Building 4 and will be relocating from a competitive property in the market. The transportation and logistics services company will use the space as a holding facility for freight before heading onto the road.
“This tenant is a Fortune 500 company, which strengthens the creditworthy roster at Tri-County 75 and confirms that the market values institutional-quality assets,” said Brian Netzky, principal of Glenstar. “The lease is indicative of large national companies solidifying a footprint in the growing Southwest Florida market.”
The Naples – Fort Myers office of Lee & Associates brokered both leases on behalf of ownership. Tri-County 75’s general contractor, The Conlan Company, will be building out 1,400 square feet of office space for Coldest and 1,100 square feet of office space for the 3PL tenant.
“Local companies as well as national corporations are seeking large blocks of modern warehouse and distribution space in Southwest Florida to accommodate their business’s expansion and to service the region’s rapidly growing population,” said Netzky. “However, the supply of this type of industrial space is constrained, so Tri-County 75 is in a great position as one of the only locations in the region with the amount of expansion space needed for fast-growing companies.”
In the lease transactions, Jeff Buckler of Lee & Associates’ Fort Myers office represented Coldest, and Shawn Stoneburner of Cushman & Wakefield’s Fort Myers office represented the 3PL.
With the two new leases, Tri-County 75 is approximately 40% pre-leased. Ferguson Enterprises, a national distributor of plumbing and HVAC supplies, signed a 252,860-square-foot lease in November 2022, and will be relocating its regional distribution center to Building 3 of the campus this fall. The remaining space available includes the 76,210-square-foot Building 1; the 215,884-square-foot Building 2; approximately 151,000 square feet in Building 3; and approximately 45,000 square feet in Building 4. All spaces are divisible.
Located at the intersection of Interstate 75 and Luckett Road, Tri-County 75 offers rear load and cross-dock facilities with clear heights up to 36 feet, large truck courts, abundant trailer stalls and easy highway access. The new industrial park is a 12-minute drive from the Southwest Florida International Airport, 33 miles north of Naples and 73 miles south of Sarasota. The Tri-County area has 1.2 million residents and a workforce of more than 500,000.
Ware Malcomb is serving as project architect for Tri-County 75, while DeLisi Fitzgerald is the civil engineer. Affinius Capital is providing the loan to finance the development, and the Naples – Fort Myers office of Lee & Associates is overseeing leasing.
About Glenstar Logistics
Glenstar Logistics, the industrial arm of Glenstar, develops and invests in state-of-the-art warehouse, distribution and manufacturing facilities primarily in the southeast region of the United States. Headquartered in Chicago, Glenstar Logistics’ leverages decades-long relationships with local brokers, logisticians and users to provide a unique insight on key factors tenants evaluate when making site selections. With 400+ acres currently under control, the team combines decades of real estate experience and proprietary third-party data analytics to direct every aspect of the development process with the end user in mind.
Glenstar is a Chicago-based national commercial real estate firm focused on ground-up industrial development through its Glenstar Logistics division as well as the development of reimagined office and multifamily properties. Founded in 2004 by Michael Klein, along with Rand Diamond, Glenstar has successfully developed or redeveloped more than $2 billion in commercial space comprising 10 million square feet across the U.S. Its nimble, tenant-focused approach and vertically integrated structure allow Glenstar to not only pursue and execute opportunistic projects, but also oversee and manage them seamlessly.