Oct 28, 2024
Hurricane Milton threatened over $1 trillion worth of commercial property in Florida, with more than 235,000 properties at risk of exposure to dangerous winds. The storm’s path included 44,122 industrial spaces, 78,916 retail properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels. While initial worst-case estimates projected up to $175 billion in losses, the actual damage was less severe, with preliminary estimates forecasting losses and cleanup costs of $75 billion. The storm’s impact was particularly significant for the lodging sector, with many hotels forced to shut down temporarily and offer free cancellations.
Oct 26, 2024
McGarvey Development Company, a comprehensive construction and real estate firm, sold Centerlinks Business, which includes nine industrial warehouses. Totaling 453,940 square feet on 41 acres, the park is located at 16770 Oriole Road in Fort Myers. The business park sold for $92.5 million. The property was purchased by EQT Exeter, a company with over 30 years in the industry and a portfolio exceeding $30 billion in managed real estate assets. The private equity company has now broken Lee County’s industrial sales record.
Oct 23, 2024
Glenstar Logistics and Columnar Investments have sold Tri-County 75, a 72-acre industrial park in Fort Myers, Florida. The park consists of four buildings totaling 818,000 square feet and is 95% leased to multiple Fortune 500 tenants, including American Bottling Co., Ferguson Enterprises, and Costco Wholesale. The development was completed in late 2023 and quickly leased due to its easy access to I-75 and Southwest Florida International Airport. While industrial demand remains positive in the Fort Myers area, recent completions have outpaced absorption, though vacancy rates are still below the national average.
Oct 21, 2024
About $749 million of its general office loans are for properties in the New York City market, representing about 14% of its total office loan book. The New York loans are about evenly split between offices located downtown and in the suburbs. The bank’s second-largest market for general office loans is Washington, D.C., where all properties are in the suburbs. Citizens holds $467 million of general office loans in the Washington market.
Oct 17, 2024
Hurricane Milton made landfall on October 9 near Sarasota, causing heavy rainfall and flooding across Tampa Bay, particularly in Pinellas and Hillsborough Counties. This followed the devastation from Hurricane Helene, which brought significant storm surges less than two weeks earlier. The multifamily housing sector appears to be the most affected, with numerous properties experiencing flood damage, particularly on first floors. Construction delays are expected, and short-term spikes in leasing may occur as displaced residents seek temporary housing. However, these gains could be temporary, similar to trends observed after Hurricane Ian in 2022.
