Square Mile Capital Management LLC today announced that it has originated a $97.5 million loan to finance the ground-up development of the Tri County 75 Industrial Campus, a 819,000 square foot industrial complex to be built in Fort Myers, FL. The loan was made to a joint venture between Glenstar, a vertically integrated commercial real-estate firm led by Michael Klein,and Columnar Holdings, led by Daniel Traylor.
Square Mile Capital Principal David Greenburg commented, “This transaction resulted from a compelling opportunity to provide construction financing in a market with strong industrial fundamentals. The propertyis strategically positioned along major thoroughfares that service Sarasota, Tampa, and Naples,making it attractive to a wide range of tenants. We expect the project to be well received by the market upon delivery as a result of the Fort Myers submarket’s low industrial vacancies, high net absorption, and extensive list of tenants looking for space in the area.”
The Tri County 75 Industrial Campus will provide immediate access to I-75 and Highways 80 and 82. It will consist of three rear-loaded buildingsand one cross-docked buildingfeaturing 32-foot and 36-foot ceiling heights, 875car and trailer parking stalls, and a total of 232 dock doors.Vertical construction at the project is anticipated to begin in September 2022 with an estimated delivery starting in Q2 2023 and ending in Q3 2023.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit www.squaremilecapital.com.
