McGarvey Development makes record-setting property sale in Lee County

FORT MYERS, Fla. - July 7, 2024 - PRLog -- 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.

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."

"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.

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