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.
"You never forget the people who helped you
build something from the ground up." ~John McGarvey, president of
McGarvey Development
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."
Digital Media Assets
Download McGarvey Development Company logo
McGarvey Development - access and download CenterLinks
video/photo library
Download John McGarvey
headshot
Photo Credit: McGarvey file
Link to McGarvey Development Company Facebook page
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,
jeffmcgarvey@mcgarveydevelopment.com,
https://www.mcgarveydevelopment.com
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SOURCE McGarvey Development