Northmarq Arranges 1031 Exchange of Fort Myers, Florida Nursing Facility for $46.7 Million

Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a four-star skilled nursing facility located at 13960 Plantation Road in Fort Myers, Florida. The 57,650-square-foot building is fully leased to Lee Memorial Health, a Southwest Florida community-owned health system. The seller was a Florida-based developer. Northmarq’s Jason Maier represented the 1031 exchange buyer, a private investor based in New York. The asset was acquired for $46.7 million.  

“We are excited to have been a part of this dynamic transaction. Fort Myers has been a strong growing market in Florida and has undergone a very rapid expansion in recent years. Lee Memorial is by far the dominant and most prestigious hospital in the area with an unbelievable management and executive team,” said Maier, Senior Director in Northmarq’s New York office. “We believe the acquisition of this state-of-the-art facility will provide our client with both long-term stable income and huge upside appreciation through rental rate growth and land value appreciation.” 

The facility was built in 2018 and is situated on 4.28 acres in a southern suburb of Fort Myers on Florida’s west coast. The property is strategically located in the Gulf Coast Medical Park and is situated on the Lee Memorial Hospital Main Campus with direct access to the emergency room and main hospital building via a reciprocal access agreement. The building serves as a long-term acute care, inpatient, and outpatient facility serving Lee Memorial patients. The Gulf Coast Medical Center houses a trauma center and neuroscience institute, as well as orthopedic, oncology and cardiology services. The property was under a long-term triple net lease at the time of sale, with strong annual increases and is guaranteed by Lee Memorial Health Systems.