1685 Medical Lane

THE OPPORTUNITY:
LSI Companies, Inc. is pleased to present this income-producing single tenant investment opportunity located in the heart of Fort Myers.

The offering consists of two separate parcels totaling 2.15± acres and includes a 42,750 sq. ft. office building, built in 1986, and a half-acre site used for additional parking. The property is located in a major redevelopment focus area for the City of Fort Myers just off Colonial Boulevard, one of the highest-trafficked roadways in Lee County.

Since 2009, the single tenant building has been entirely occupied by Southern Technical College, a highly accredited for-profit technical training school. The current lease expires in October of 2026, which the tenant has the option to renew for an additional five years.

INVESTMENT HIGHLIGHTS:

• 2023 in place Cap Rate 9.04%.
• Priced well below replacements cost.
• 2-story, concrete block construction over parking with a first-floor elevation of 23’.
• High visibility from Colonial Boulevard (AADT 55,500), with quick access to US-41, I-75, Downtown Fort Myers, and Cape Coral.
• One of the only office products available in this size range in SWFL.
• The property is situated in the Cleveland Avenue Redevelopment District, a major priority for the City of Fort Myers, as characterized by the Royal Palm Square and Grand Central mixed-use redevelopments.
• At the market lease rate with minimal landlord responsibility (tenant is responsible for operating expenses, taxes, and insurance).
• Highly accredited long-term tenant with 3 years left on the current lease and a 5-year option to renew.
• Functional design that can be easily converted to a multi-tenant layout.
• As of Nov 1, 2023, the base rental rate will be $13.79 PSF, with annual escalations of 2%.
• The tenant may exercised a 5-year renewal option to continue the in-place rental schedule by notifying the landlord on or before April 4, 2026.