High-Upside Office & Retail Portfolio in Ft.Myers
Rare Value-Add Office & Retail Opportunity Along One of Fort Myers’ Busiest Commercial Corridors
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Property OVERVIEW
This 42,668 SF office and retail portfolio consists of three buildings owned outright and eleven additional office condominium units located within the same complex throughout three other buildings. The offering represents a rare value-add opportunity with current leases well below market rent and a defined lease-up strategy targeting $22.50 Modified Gross.
Additionally, the property includes an approximately ±1-acre portion (with infrastructure) that may offer future flexibility for potential subdivision, sale, or additional development, providing the opportunity to enhance income or reduce basis.
The portfolio represents approximately 80% ownership within the condominium association, creating a significant controlling interest within the complex.
Currently the property generates significant rental income, providing in-place cash flow while offering a clear lease-up opportunity as vacant suites are absorbed.
Lease-up assumptions are based on $22.50 PSF modified gross rents, which remain conservative relative to current market conditions. Over the past several months, new leases within the property have been obtained at $22.50 PSF, further validating the achievable lease-up target.
Comparable nearby developments are delivering new space at approximately $30–$45 PSF, while stabilized occupancy costs in the surrounding market average approximately $27.00 PSF, highlighting potential rental growth over the next several years.
Office condominium sales within the immediate area are trading between approximately $220–$300 PSF, providing additional providing additional valuation support for the individual condominium units while further solidifying the tremendous value-add opportunity this investment presents. Flexible acquisition structure with opportunities for partial portfolio acqusitition.
Investment highlights
- 42,668 SF office and retail portfolio consisting of three buildings plus eleven office condominium units located within the same complex
- Tremendous value-add potential through lease-up of vacant space targeting a conservative $22.50 PSF modified gross
- Potential to parcel off the ±1 acre portion with existing infrastructure for future development to increase income or sell to reduce the overall investment basis.
- Controlling ownership position with approximately 80% ownership of the condominium association, providing significant operational control within the complex
- Current leases are below market, creating a clear opportunity to increase rental income as leases roll and vacant suites are absorbed
- Recent leases executed within the property at $22.50 PSF modified gross validate the projected lease-up assumptions
- Immediate in-place cash flow from existing rental income while vacant suites are leased and rents are increased toward market levels
- Strong market rent upside with nearby developments delivering new space at approximately $30–$45 PSF, while stabilized occupancy costs in the surrounding market average approximately $27.00 PSF
- Approximately ±1 acre of additional land offering potential for future subdivision, sale, or additional development, creating the opportunity to enhance value or reduce investor basis.
- Office condominium sales in the immediate area trading between approximately $220–$300 PSF, providing strong valuation support for the individual condominium units
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