Square Mile Capital Management LLC (“Square Mile Capital”) 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 property is 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.”
