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Storm Smart Portfolio

  SOLD September 2022 for $5,950,000

6182 Idlewild Street, Fort Myers, Florida 33966

Building Size38,873 Square Feet
Land Size3.83 Acres
ZoningC-2, IL
Year Built1997

The single-tenant portfolio offering consists of 3 industrial buildings located at the signalized intersection of Idlewild Street and Plantation Road in Fort Myers, FL. This sale offering consists of real estate only and is being sold as an income-producing asset with a 6.36% cap rate. There has been strong demand for industrial income property and overall, the industrial sector is currently experiencing low vacancy and rising rental rates. Please refer to page 4 of the Offering Memorandum for details.

The three-plant campus is 100% leased by Storm Smart, which has become the largest manufacturer and installer of hurricane protection products in Southwest Florida, including screens, shutters, and impact-resistant doors and windows. The company was founded in Fort Myers in 1996 and has been operating at this location since 2005, serving as its headquarters. Storm Smart is a proven leader in Southwest Florida serving over 80,000 customers in Florida, employing over 250 employees, and expanding into the Georgia market.

The combined square footage of the three buildings is 38,873± square feet on 3.83± acres. The first parcel, located at 6182 Idlewild Street, consists of an 11,781± square foot office/warehouse constructed in 2000. The second parcel, located at 6184 Idlewild Street, consists of a 17,082± square foot metal frame warehouse constructed in 2000. The third parcel, located at 11040 Plantation Road, consists of a 10,010± square foot office, constructed in 1997.

The property has undergone improvements such as parking lot restriping and sealing in 2018 and roof improvements at 6182 Idlewild Street in 2021. The parcels are primarily zoned C-2 except for the office on Idlewild Street, which has dual zonings, C-2 and IL (Light Industrial).

• Lease commencement: April, 2021
• Term: 5 years with (2) 5-year renewal options
• Annual Escalations: 2%
• Lease Rate: $9.74 PSF or $378,661.89 per annum
• Additional Rent: Tenant is responsible for all operating expenses including:
real estate taxes, insurance, HVAC maintenance, contract, water & sewer, trash removal, electric and interior/exterior maintenance

3 buildings totaling 38.873 Sq. Ft. on 3.83± acres

• Building 1: 6182 Idlewild Street
- 11,781 Sq. Ft.
- Interior clear span: 20± Ft.
- Office/ warehouse
- Mental frame construction in - 2000 (roof improvements in 2021)
- Zoned C-2/ IL

• Building 2: 6184 Idlewild Street
- 17,082± Sq. Ft.
- Interior clear span: 27± Ft.
- Warehouse
- Metal frame constructed in 2000
- Zoned C-2

• Building 3: 11040 Plantation Rd.
- 10,010± Sq. Ft.
- Interior clear span: 19± Ft.
- Office
- Metal frame constructed in 1997
- Zoned C-2

• 0.3± miles to Metro Parkway
• 1.8± miles to US41
• 5.3± miles to Downtown Fort Myers
• 5.8± miles to I-75
• 12± miles to Southwest Florida International Airport (RSW)

The information contained herein is from sources deemed reliable, but is subject to errors, omissions, and withdrawal without notice.

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