Trending...
- On this week's Podcast "Financial Freedom with Tom Hegna" Celebrate Financial Independence with Author Dr. Laurett Arenz - 112
- BK Adventure Announces Wild New Bioluminescent Kayak Tour Near Cocoa Beach
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
FORT MYERS, Fla. - Floridant -- 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.
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.
More on The Floridant
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."
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."
More on The Floridant
"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.
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.
Image Library: https://mcgarveydevelopment.sharefile.com/d-s4a181f2053094edfb683f69be8aae168
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.
More on The Floridant
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
- Waste Heavy, Equipment & Trucking - Save Fuel – Reduce Maintenance & DPF Issues – ECOFuelMax
- Hammerhead Technology Launches Hammertrack
- New TSA-Compliant Medication Packing Tool Helps Travelers Avoid Airport Delays and Customs Issues
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
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."
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."
More on The Floridant
- Applications Now Open for One of the Nation's Top Outdoor Art Festivals
- Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- Healogics Board of Directors Appoints Pamela B. Mandel as Chairman and Chief Executive Officer
- BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
"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.
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.
Image Library: https://mcgarveydevelopment.sharefile.com/d-s4a181f2053094edfb683f69be8aae168
Source: McGarvey Development
Filed Under: Construction
0 Comments
Latest on The Floridant
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- The Well of PBC Celebrates Landmark Achievements in Behavioral Health Advocacy
- Summer Isn't Just a Break - It's an Opportunity for Families of Children with Disabilities
- NeoMetrix Technologies Unveils Dynamic New Visual Campaign Showcasing Full-Spectrum 3D Solutions
- Flagler OARS Giving Awy Free Naloxone Distribution Kiosks for Local Businesses
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Don't Settle for Less: Checkers & Rally's Serves Up Free Fry Upgrade for National French Fry Day
- Palmer Lake Wine Festival To Build Bridges in Small Mountain Community, Highlight Local Businesses
- Florida DCF Accused of Misleading Court, Targeting Nonprofit Watchdog
- The15Eleven.Effect Expands Premium Bilingual UGC Services for Beauty, Travel, and Lifestyle Brands
- GBAMFS Issues Rebuttal to Videogames Europe on "Stop Killing Games" Debate
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- Rod Joseph Leads with Pride This Independence Day
- Tyler Carty Launches New Copywriting Services Website
- New Release: 'The Invisible Alternative' Unveiled by Atrisk Corporation, Resilient
- Author Unveils Official Creator Hub Featuring Immersive Sci-Fi Brands, AI Tools, Music, & Licensing
- League of Women Voters PBC to Host Zoom Chat with Barbara Cheives, July 16 at Noon
- Mounts Botanical Garden & Orchid Society of the Palm Beaches to Co-Present ORCHID SYMPOSIUM 2025