- EQT Exeter purchased Legacy at Oriole Road, a 500,000SF Class A industrial campus in Fort Myers, for $87M.
- The two-building property, developed by Stonemont Financial and Geis Development, is fully leased to three tenants.
- Despite rising vacancy rates in Southwest Florida, demand for modern logistics facilities remains strong.
Strategic Investment
EQT Exeter’s latest acquisition adds 500,000SF of industrial space to its portfolio through the purchase of a fully leased industrial campus, per the Commercial Property Executive. The firm bought Legacy at Oriole Road from Stonemont Financial Group and Geis Development.
Campus Features
The 34-acre industrial campus includes two buildings, each 250,000SF. Key features include 32-foot clear heights, ESFR sprinklers, LED lighting, 16 dock-high doors per building, and 24 grade-level doors. There are also 170 trailer parking spots and ample space for vehicles.
Logistics-Friendly Location
The industrial campus is located at 16670 and 16680 Oriole Road. It sits less than a mile from Interstate 75 and six miles from Southwest Florida International Airport. Downtown Fort Myers and Cape Coral are within a 14-mile radius.
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Leasing Status
Stonemont and Geis completed the Class A industrial campus in Q2 2023. A $45.5M construction loan from Fifth Third Bank financed the development. One building was leased in full last year, while the other has two tenants.
Regional Market Trends
Southwest Florida’s industrial market is cooling. Leasing activity dropped 51% in Q1 2025, according to Cushman & Wakefield. The region’s vacancy rate rose to 5.1%, the highest since 2015.
Recent Area Deals
In October 2024, Glenstar Logistics and Columnar Investments sold the 818,000SF Tri-County 75 industrial campus. The Fort Myers asset was 95% leased at the time.
Outlook
Despite softening fundamentals, fully leased assets in prime locations remain attractive. Investors continue to favor newer, high-quality industrial properties near key transport hubs.
