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Six Critical Questions Part 5: Has the Wave of Multifamily Construction Reached its Peak?

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This article is part five of a six-part series focusing on the most critical questions about development and commercial property in Southwest Florida.  Our recent article on Southwest Florida’s hottest commercial corridors highlighted an abundance of multifamily housing springing up across the region. These projects will gradually come to market over the next 12-14 months. Some economic indicators hint that this multifamily boom may be reaching a peak, which brings us to our fifth critical question about Southwest Florida’s Development:   Has Southwest Florida’s Wave of Multifamily Construction Reached its Peak?  Over the past year, Southwest Florida has seen a dramatic 62% decrease in construction starts. Escalating material and labor costs, combined with higher interest rates, are making it more expensive to build and borrow money, dampening the incentive for multifamily developers. Moreover, the additional supply in the market should cause rent prices to stabilize, further making multifamily housing less attractive for developers. However, we anticipate this trend to be a short-term pause rather than a long-term slump because of ongoing demand.  Rental Rates and Housing Shortages in Southwest Florida   The shortage of multifamily housing in our region has been a longstanding issue. While the current boom will certainly narrow the gap between demand and supply, the current wave of construction will not fully address the region’s housing crisis. The majority of the new units in the current pipeline are luxury and market-rate apartments, which do little to alleviate Southwest Florida’s housing affordability crisis.   We’re all familiar with the often-cited guideline that no more than 30% of our before-tax income should be spent on our housing. Yet Gulfshore Business recently noted that the median household income in Lee County is $71,072. To meet the 30% affordability standard, monthly rent on a two-bedroom apartment should cost no more than $1,777. The reality is quite different, however. Renters in Lee County pay an average of $2,273 a month, meaning there will still be significant demand for housing in our region.  Demand and Multifamily Construction Activity  As the new inventory of multifamily units comes online over the next 12 months, we can certainly expect a temporary lull in construction activity. Nonetheless, demand should rebound quickly as the region’s population continues to grow. With economic conditions expected to improve, we anticipate that investors will once again turn to multifamily development, driving another surge in construction in 2026. In other words, although our current multifamily construction wave may have plateaued, the peak is yet to come.  If you’re a developer considering multifamily construction in Southwest Florida, your next step is to contact the Commercial Property Experts at Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL). Our team can leverage our data and local knowledge to help you understand the economic potential of your potential development project. Reach out to us by completing our online contact form or calling 239-489-3600 to speak with an expert.     

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Six Critical Questions Part 4: What Are the Hottest Corridors in Southwest Florida?

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This article is part four of a six-part series focusing on the six most critical questions about development and commercial property in Southwest Florida.  Southwest Florida has experienced remarkable growth over the last decade. This expansion is anticipated to continue through the next several years, with several new commercial zones in our region poised for significant development. While some of these corridors are still in their infancy, others are building on already visible growth and hold expectations for increased activity.  This brings us to question four in our six-part series:   What Are the Hottest Corridors in Southwest Florida?  There are seven primary areas of commercial growth in our region. Let’s discuss them, starting in Charlotte County and working our way south:  Punta Gorda Airport  The Punta Gorda Airport itself is expanding to elevate the passenger experience, and its neighboring area is also on track for development. This submarket’s growth will continue to surge, thanks to its convenient access to I-75, Tampa and Miami, as well as more affordable prices for land in Charlotte County. Dave Gammon, director of Charlotte County Economic Development, forecasts that 4 million square feet of commercial distribution, warehousing, and manufacturing will be delivered by 2026.  Burnt Store Corridor  Burnt Store Road in Northwest Cape Coral currently has 14 individual residential and commercial developments in various stages of activity. Plans include Hudson Creek, a mixed-use development north of Jacaranda Parkway. Hudson Creek will feature 2,500 single-family homes, 1,000 additional multi-family dwellings, 425,000 sf of retail and restaurant, 500 hotel rooms, and 150,000 feet of office space, as well as an assisted living facility and an educational institution. Ultimately, the numerous new development projects along Burnt Store Road will introduce 13,000 housing units and create jobs for 1,100 future employees.  Pine Island Road   Long-time Cape Coral residents have witnessed rapid growth along the Pine Island Road corridor for the past 15 years, and this trend will continue, particularly on the west end of Pine Island Road. Whereas retail had dominated prior growth in the area, current city planning records show a surge of multifamily development in the works. More than 5,000 apartment units are under construction or in planning along the 4.5 mile stretch between Santa Barbara Boulevard and Burnt Store Road.   Fort Myers River District  Fort Myers city leaders have long envisioned increased density in midtown and downtown for years, and that vision will soon be realized. Construction is underway for a 275-unit apartment development downtown, and numerous luxury waterfront apartments and condominiums are currently in the permitting process. Other plans for enriching the River District include an entertainment venue and food truck park, an intimate pedestrian park, and a 9-story hotel.  Skyplex  Considered Lee County’s most important economic development initiative, Skyplex is Lee County Port Authority’s non-aviation development project situated strategically between Southwest Florida International Airport and Daniels Parkway. The Skyplex master plan includes complementary clusters of development over a total of 8.15 million square feet. With hotels, retail, dining, and office space, Skyplex is expected to generate $2.9 billion in revenue and create 21,000 full-time jobs in the region.  Alico Road   Anyone who has traveled between Lee and Collier Counties on I-75 has been privy to the rapid growth of the Alico Road Corridor on both sides of the interstate. This area has seen 2.6 million square feet of commercial and industrial development over just the last three years. The airport/I-75/FGCU submarket is quickly becoming its own micro-city: a mixed-use commercial and industrial logistics hub supported by some of the largest demand generators in the region. The Lee County Economic Development Office anticipates that this surge of development will produce approximately 60,000 jobs within the next half-decade.  East Collier County  Collier County has always held a reputation as a premium, affluent community, but until the early 2000s, very little development had occurred east of I-75. That has certainly changed over the past two decades, with Collier County’s population quickly growing eastward, particularly along Immokalee Road and Oil Well Road. Ave Maria has flourished into a community of more than 4,000 homes, and no fewer than three villages are planned and approved between Naples and Ave Maria. In fact, projections suggest that the intersection of Immokalee Road and Collier Boulevard will evolve into Collier County’s population epicenter by 2030. Other commercial projects east of I-75 include Uline’s expansive 975,000 square foot regional distribution center and the new Great Wolf Lodge resort.    Answering Your Questions  Are you hoping to invest in the next hot commercial corridor in Southwest Florida? The Commercial Property Experts at Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL) hold decades of experience understanding the dynamics of our commercial property landscape.  Our team is ready to answer your questions. To reach us, complete our online contact form or call 239-489-3600 to speak with an expert.     

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Six Critical Questions Part 3: Will We See an Avalanche of Distressed Assets in 2024? 

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This article is part three of a six-part series focusing on the six most critical questions about development and commercial property in Southwest Florida.  Across the country, borrowers and lenders are bracing for a potential surge of distressed assets. According to a study by Cushman & Wakefield, the U.S. commercial property market exhibited an alarming $80 billion in outstanding distress as of Q3 2023. Even more concerning, the report showed more than $215 billion in potential distress on the horizon, surpassing the cumulative distress observed during the Great Recession.  However, Southwest Florida has been able to buck a number of national trends in commercial real estate over the last few years. This brings us to the third question in our series:  Will Southwest Florida See an Avalanche of Distressed Assets in 2024?  To understand the reasons why borrowers and lenders are concerned about distressed assets, it’s important to first understand how commercial loan interest rates contribute to distress levels.  Interest Rates and Distressed Assets  Commercial real estate loans are typically structured with short maturities, often in the neighborhood of eight to ten years, with a much longer amortization period. Consequently, property owners face a large balloon payment at the end of each loan.  If owners are unable to settle these balloon payments in full, they will refinance that balloon payment at current interest rates.   When the majority of existing commercial loans were established, historically low interest rates were in effect. Eight years ago, the average 10-year treasury yield was an astonishing 1.84 percent. Now, with rates more than double that, the cost of refinancing a commercial property balloon payment may not be worth the added cost of borrowing money. This is particularly true in markets where inventory is high and property values are declining.  Distressed Property in Southwest Florida  Here in Southwest Florida, we are experiencing some of the lowest levels of distressed commercial real estate in the state. Our area boasts a loan loss rate of only 11%, which falls below the state average of 12%. Southwest Florida’s resilience comes in part from our strong rental rates, which are helping to keep many properties profitable and net operating income (NOI) positive.  Will distress levels rise in Southwest Florida?  Most likely, although not to the potentially catastrophic levels we may see in other parts of the country. Maturing loans will exert pressure across all product types, especially middle and low-quality office assets. However, rent growth has lifted NOI considerably over the life of the average loan, meaning we shouldn’t anticipate an avalanche of distress. Southwest Florida borrowers who secured financing prior to 2019 have likely accumulated enough appreciation to make their property’s current values higher than their debt balance. Coupled with low vacancy rates, strong job growth, and favorable net migration, our region will likely outperform most of the rest of the country.      Are you a commercial property owner with a loan on the cusp of maturity? If so, the Commercial Property Experts  at Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL) can help you determine your best next move in our current economic climate. CPSWFL has the data, analytics, and local experience to help you understand the dynamics of our region’s economic potential and commercial property landscape. Complete our online contact form or call us at 239-489-3600 to speak with an expert.     

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Six Critical Questions Part 2: What Impact Will Interest Rates Have on Commercial Real Estate?

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This article is part two of a six-part series focusing on the most critical questions about development and commercial property in Southwest Florida.   The volume of commercial real estate transactions in Southwest Florida decelerated over the last year, likely attributable to number of factors. These variables include escalating construction costs, scarcity of land for development, increasing insurance premiums, and growing interest rates.   Yet, despite this slowdown in commercial sales velocity, prices are still on the rise.  This brings us to the second critical question in our six-part series:  What Impact will Interest Rates Have on Southwest Florida Commercial Real Estate?  Undoubtedly, interest rates have a visible influence on the commercial real estate investment market. Elevated interest rates mean a hike in the cost of borrowing money and can ultimately dampen demand from developers and investors.  Interest Rates and Treasury Yields  Commercial mortgage rates are typically based on the 10-year treasury. Treasury yields peaked at 4.92 percent in October 2023 and currently hover at about 4.3 percent, roughly 80 basis points higher than we saw last April. Such rates can pose hurdles for properties that can’t generate enough cash flow to support high-leverage mortgages. Fortunately, rent growth should soften the impact of pricier borrowing costs on balance sheets.  The Federal Reserve Bank escalated interest rates 11 times in 2022 and 2023 to counteract skyrocketing inflation. Since inflation began to stabilize in mid-2023, the Fed has left rates unchanged in six of its last seven sessions. Currently, the U.S. inflation rate stands at 3.2 percent, and although the Fed disappointed many by announcing that it’s unlikely to reduce interest rates in the immediate future, experts still anticipate at least one rate cut before the end of the year.   More Interest Rate Stability Coming  We anticipate much more stability in interest rates from this point forward. As a result, property values in our region are poised for marginal growth, thanks to low inventory and high rent potential. However, we shouldn’t expect to see sales volume rebound to previous levels for another year to 18 months.    Are you prepared to take advantage once interest rates begin to fall? Whether you’re a property owner looking to position your asset for sale or a potential buyer seeking opportunities in our marketplace, the Commercial Property Experts at Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL) have the data, analytics, and local experience to assist you with your needs. Complete our online contact form or call CPSWFL at 239-489-3600 today to speak with one of our experts.   

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Double Impact: CPSWFL Wins Consecutive CoStar Awards for Southwest Florida’s Economic Expansion with Lansing Building Products

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The headlines in early 2024 were eye-opening for many: “Southwest Florida Braces for Population Surge as Lee County Nears One Million Residents.” This forecast stemmed from a January report by the University of Florida’s Bureau of Economic and Business Research (BEBR). The data projected that Lee, Collier, and Charlotte counties would witness some of Florida’s most significant population increases through the end of the decade. The BEBR’s most optimistic projections suggest a combined population of more than 1.7 million by 2030, marking a 23.6% increase. The ripple effect of this rapid expansion is evident. As we’ve seen, population surges fuel economic progress through a domino effect. Newcomers necessitate the construction of new homes, roads and other infrastructure, schools, medical facilities, grocery stores, and so forth. The ensuing construction boom then drives job creation and ultimately attracts even more residents to our region. Southwest Florida’s prospects for business development and prosperity have captured attention far beyond our local media reports. Over the last several years, the area has attracted many new businesses while also encouraging existing enterprises to expand their presence. One such company is Lansing Building Products, a construction wholesaler with a network of 113 locations in 35 states. Last year, Lansing signed a 66,017 square-foot lease, brokered by Gary Tasman and Shawn Stoneburner of Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL). Lansing’s presence is a further reflection of our community’s economic expansion, and will be crucial for driving future regional growth. Lansing provides exterior building products, including windows, doors, roofing and insulation to professional contractors. Material procurement is often a hurdle for builders who strive to keep projects on track, especially when demand is high. Lansing will serve as a dependable source to ensure local construction projects proceed without unnecessary delays to satisfy the needs of our surging population. Lansing pinpointed Southwest Florida as a market with thriving demand for residential construction, making our area optimal for their expansion. CPSWFL helped facilitate their plans through the brokerage’s deep understanding of the local market.  Initially, Lansing was poised to lease a modest space that would have been adequate to meet their initial needs. However, Lansing revised their strategy and sought out larger accommodations after analyzing local market data with CPSWFL.  “We showed them the market analytics, the growth trajectory of Southwest Florida, and all of the projects and construction currently in planning,” explains Gary Tasman, CPSWFL’s CEO and principal broker. “We helped them better understand Southwest Florida and identify where they needed to be.” That location turned out to be a strategically positioned warehouse facility in the Suncoast Commerce Center. The location, in close proximity to I-75 near Luckett Road, will enhance Lansing with getting their products into the market and then onto construction sites.  “Our partnership with Lansing is pivotal because of what they represent to Southwest Florida. They are essential for our continued development and ongoing recovery from Hurricane Ian,” says Tasman. “By supporting Lansing, we’re also helping to address our community’s needs, and promote expansion and economic vitality throughout the region.” Because of the Lansing transaction’s potential impact on Southwest Florida’s growth and prosperity, CPSWFL was recently awarded the CoStar Impact Award for Lease of the Year in the Southwest Florida market. This marks CPSWFL’s second consecutive year receiving this prestigious award, which honors the most influential commercial real estate transactions and projects across 128 major markets in the United States, Canada, and the United Kingdom.  With nearly 200 commercial sales, leases, and consulting assignments closed annually, CPSWFL takes pride in its role in shaping the regional landscape by recognizing and tackling community challenges. The team’s mission is to not only practice real estate with efficiency and precision but also to leave our community a better place. CPSWFL’s partnership with Lansing is a testament to this commitment. Cushman & Wakefield | Commercial Property Southwest Florida is invested in the growth of our region. If you are an investor, developer, or business owner with interest in the booming Southwest Florida market, the Commercial Property Experts at CPSWFL have the knowledge and experience to help guide you on your journey. Contact our team of Commercial Property Experts by calling 239-489-3600, or contact CEO/Principal Broker Gary Tasman at gtasman@cpswfl.com

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Craft Brewing Revolutionizes Commercial Real Estate

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Craft Brewing Revolutionizes Commercial Real Estate By Gary Tasman CEO & Principal Broker, Cushman & Wakefield Commercial Property Southwest Florida, LLC Anyone who has taken up the art of market watching over the last ten years may have noticed that breweries, micro-breweries and brewpubs have more than tripled the craft brewing market and placed most U.S. living quarters within 10 miles of a craft brewer. With Millennials accounting for 41% of the weekly beer-drinking population, the industry will continue to affect local and national real estate, as well as the economy. Craft Brewing Reclaims Obsolete Space Many brewing facilities are currently operating out of abandoned mills and vacant manufacturing spaces, as well as in redeveloped, archaic brew shops — in other words, reclaimed space, such as Millennial Brewing Company and Scotty’s Bierwerks’. Additionally, the craft brew space in Southwest Florida is split by retail and industrial space, with much of the retail space for breweries located in retail strip centers, such as Bury Me Brewing Company, Bone Hook Brewing Company, Old Soul Brewing and Point Ybel Brewing Company. Nearly 75% of tracked U.S. brewpub deals have also become a part of retail or commercial space, while microbreweries and regional craft brewing operations have mostly been tenants of industrial space. This translates to over 55.6 million square feet of occupancy growth across industrial (81.4%) and retail (18.6%) space as of 2007. A Growing Trend Within the State of Florida, there were a total of 195 breweries by the end of 2016, which suggests a 333.3% change in brewery growth since 2011 and translates to 1.3 breweries per capita. Over 1,200 barrels of craft beer per year are produced statewide, translating to 2.5 gallons per 21-plus adult. Ironically, five-plus years ago represented a time of zero breweries in Southwest Florida. But right now, there are 14 from Punta Gorda to Marco Island. Here is a look at local market indicators: Retail Vacancy Rate: 4.7% Industrial Vacancy Rate: 1.8% Office Vacancy Rate: 6.1% Population: 1.2 million Will this Trend Decline? The double-digit growth of individual markets may decline in 12 to 18 months, resulting in the closing of some breweries, largely in the markets where the trend has already proven to be strongest, because that is where the fiercest competition lies. Even so, small brewpubs, microbrewery operators and larger, regional players are continuing to multiply, especially as they expand to tasting rooms, full pubs and/or restaurants, as well as wedding and event venues. Additionally, more startups, private-equity funds and big beer conglomerates are looking to get a piece of the craft beer market. Tap House As aggregate craft beer production increases, these producers will be looking for outlets to expand their markets. Along with the potential to wholesale direct to local restaurants and bars, we see a new concept emerging. Tap houses that feature multiple products will be another potential outlet. One such concept, slated to open in early 2018, is Marlins Brew House. Here, patrons can choose from a rotating 32-tap inventory of local craft beers. Watch for Marlins Brew House and likeminded tap houses to expand rapidly throughout the region and beyond. How Do the Strong Survive? Prospective brewers should enter the craft beer market with a solid concept in place to ensure proper capital and space. This includes an executed lease before receiving approval for alcohol sales, because landlords will not take a chance on tying up a property without confidence in a business plan. Operators should also understand how local regulations may impact their business plan and have the necessary clauses written into their lease. Additionally, to connect with the Millennial consumer base, material goods should never take priority over experiences. The real estate and the design matters much more than how many taps one owns. Start by picking the right location. Just watch out for plug-and-play leases in otherwise nondescript second generation retail space. Then, invest in innovative design and architecture to stand out from the competition. This should include open spaces for live music, film screenings and/or backyard-style games for a family-friendly environment. And remember to seek partnerships with restaurateurs including food truck operators. This will allow brewers to focus on their craft, while potentially keeping customers in their space longer, driving beer sales up.

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Cushman & Wakefield | Commercial Property Southwest Florida brokers $8.9 million sale of Naples land

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Gary Tasman, CEO and Principal Broker, as well as Shawn Stoneburner, Senior Director of Cushman and Wakefield | Commercial Property Southwest Florida, LLC handled the sale of 8552 Collier Blvd in Naples, Florida. Latigo Naples, LLC purchased the property from Amerisite, LLC for $8,995,000. The land consists of three conjoined parcels totaling 18.95 acres Zoned C4-General Commercial and is fully entitled and ready for commercial development. However, Amerisite, LLC has other plans for the land. Amerisite, LLC will be using the property for a new class A apartment complex. The complex will have +265 units, bringing more housing options to Southwest Florida’s ever-growing population. A great example of Southwest Florida’s population growth, is the population in a 10-mile radius of 8552 Collier Blvd. In 2010 the population was 183,300 people, now as of 2022, the population has grown to 225,521 people with a projected population of 250,883 by 2027.  The land has already been approved for multi-family development and Amerisite, LLC plans to break ground by the end of the year. In a time of such exponential population growth, the addition of this class A apartment complex will be a great addition to the local community, as well as stimulate the local economy by bringing more housing with a smaller footprint. With its proximity to Florida Southwestern State College, just west of Florida Sports Park, and just across the street from Naples Lakes Country Club, it will be a prime location to live. At closing Mr. Tasman said, “In a market with such a need for more housing, it is great to assist in a solution!”

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Cushman & Wakefield | Commercial Property Southwest Florida wins 5 prestigious CoStar Power Broker Awards

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FORT MYERS, Fla. (July 26, 2022) – Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL) won five CoStar Power Broker Awards, recognizing and celebrating commercial real estate’s top brokers, firms, and deals throughout the United States and Canada. The awards luncheon was held at Ruth’s Chris Steak House, in Bonita Springs, on July 13. “We are so honored to be named top in our business, by the top in the business,” said Gary Tasman, Founder, CEO, and Principal Broker at CPSWFL. “The CoStar Awards are quite an accomplishment and validate the work we are doing to transform Southwest Florida, drive its economic standing, and improve quality of life in the region.” Recognizing the best of the best in commercial real estate, The CoStar Power Broker Awards verifies and analyzes thousands of deals submitted to identify winners in each market (based on cumulative deals) by a panel of esteemed industry professionals. Recognized as the premier industry award, both the firms and brokers have the opportunity to obtain this recognition, placing them among the industry’s elite.  CPSWFL received both the Top Leasing and Top Sales Firms Awards. Tasman earned the Top Office Leasing Brokers Award, and he and Shawn Stoneburner each received the Top Sales Brokers Award. For more information about CoStar Power Broker Awards, methodology, or to see a complete list of winners, please visit costarpowerbrokers.com CPSWFL is the only independently owned Cushman & Wakefield alliance in the state of Florida, providing the ability to integrate its global resources and platform with the strength of local talent, relationships, and market intelligence. CPSWFL delivers an exceptional portfolio, specialized services, and best-in-class systems that allow the firm to pass on research analytics and thought leadership to clients. For the past 15 years the firm has been a driving force behind local development and growth and strives to be a guiding force for improving quality of life in the region. For more information about CWCPSWFL, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com.  About Cushman & Wakefield | Commercial Property Southwest Florida, LLC  Cushman and Wakefield | Commercial Property Southwest Florida, LLC delivers integrated solutions by actively advising, implementing, and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. They cultivate long term relationships, advising clients in buying, selling, financing, leasing, and managing assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance.  About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit www.costargroup.com.

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Cushman & Wakefield | Commercial Property Southwest Florida brokers $1.18 million sale of three Arcadia buildings

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ARCADIA, Fla. (June 14, 2022) – Midland 1031, LLC for Waltco 2021 LLC, has purchased a 1.75 AC investment property with a two-story office center and two warehouse storage buildings, consisting of three buildings in total. All spaces are fully Leased with a great mix of tenants. The property has a prime location at 301 Brevard Ave., Arcadia, Fla. and was purchased for $1,186,654.76 from Georgetown Square Properties, LLC. Gary Tasman, CEO and Principal Broker, and Lane Boy Executive Director of Cushman and Wakefield | Commercial Property Southwest Florida, LLC represented the seller in the transaction. About Cushman & Wakefield | Commercial Property Southwest Florida, LLC Cushman and Wakefield | Commercial Property Southwest Florida, LLC delivers integrated solutions by actively advising, implementing, and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. They cultivate long term relationships, advising clients in buying, selling, financing, leasing, and managing assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance. For more information about this transaction, or to learn more about Commercial Property Southwest Florida, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com.

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Cushman & Wakefield | Commercial Property Southwest Florida brokers $40 million sale of Fort Myers property

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Fort Myers Industrial Owner, LLC has purchased a 312.5 AC plot of land zoned for Master Planned Development. The the property has frontages on three major highways including I-75, Ben Hill Griffin Parkway and Airport Access Rd. and is entitled for 1,700,000 square feet. The property located at 16200 Ben Hill Griffin Pkwy, Fort Myers, Fla. sold for $40,000,000 from YBFH Real Estate, LLC. Gary Tasman, CEO and Principal Broker, and Shawn Stoneburner, Senior Director of Cushman and Wakefield | Commercial Property Southwest Florida, LLC represented the seller in the transaction. About Cushman & Wakefield | Commercial Property Southwest Florida, LLC Cushman and Wakefield | Commercial Property Southwest Florida, LLC delivers integrated solutions by actively advising, implementing, and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. They cultivate long term relationships, advising clients in buying, selling, financing, leasing, and managing assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance. For more information about this transaction, or to learn more about Commercial Property Southwest Florida, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com.

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