Argosy Real Estate Partners and Bay Street Capital Acquire Light Industrial Property in Fort Myers for $3.7 Million

Argosy Real Estate Partners has closed on the off-market acquisition of a 22,800-square-foot light industrial property in Fort Myers, Florida, the firm announced Aug. 18, 2026. The deal, struck at approximately $3.7 million — or roughly $162 per square foot — represents the third investment in Argosy's Sunbelt Industrial Portfolio, a value-add strategy focused on aggregating small-format industrial outdoor storage and light industrial assets across growth markets in the Sunbelt region.

The property, located at 12090 Metro Parkway in Fort Myers, FL 33966, sits on approximately 2.3 acres and comprises two industrial buildings constructed in 1988. The site features nine drive-in doors, 49 parking spaces, a fenced low-coverage layout, a truck well, and a separate clear-span warehouse building with an office and showroom component. Argosy's operating partner for the portfolio is Bay Street Capital, an industrial outdoor storage platform founded in 2021 that specializes in value-add IOS and industrial real estate investments across the United States.

Third Sunbelt Industrial Portfolio Deal Follows Atlanta, Austin Acquisitions

The Fort Myers acquisition follows prior Sunbelt Industrial Portfolio investments in the Atlanta and Austin metropolitan statistical areas, both of which have been leased to full-site users. The portfolio strategy is centered on aggregating functional IOS and light industrial properties in markets where demand for outdoor storage capacity and flexible industrial space remains active.

Argosy said the Fort Myers property's low-coverage layout makes it well suited for IOS and light industrial users seeking significant outdoor storage capacity. The firm's business plan calls for leasing the property to an industrial user. The property had been listed for lease at $16.50 per square foot triple net, positioning it as functional small-bay industrial space. The asset came to Argosy through an off-market process; public records indicate the property was tied to a foreclosure proceeding in 2025.

Argosy said it continues to pursue additional Sunbelt Industrial Portfolio opportunities across Georgia, Texas, and Florida, where the firm believes market fundamentals support demand for functional IOS and light industrial properties.

Fort Myers Industrial Market Context

The acquisition comes as the Southwest Florida industrial market navigates a period of rising but manageable vacancy. Industrial vacancy in the broader Southwest Florida market was reported in the range of approximately 8.8% to 9.6% in the second quarter of 2026, with average asking rents ranging from roughly $13.67 to $15.22 per square foot depending on the data set and market definition. Earlier 2026 reports placed vacancy near 9.7% and average asking rents around $14.17 per square foot for the region.

IOS and low-coverage industrial assets are generally sought by tenants requiring yard space, truck circulation room, and outdoor storage flexibility that conventional warehouse buildings may not accommodate — characteristics that align with the physical profile of 12090 Metro Parkway.

About the Firms

Argosy Real Estate Partners is a real estate investment firm that, as of the first quarter of 2026, reported approximately $4.0 billion of gross assets under control and $75.2 million of unfunded equity commitments. Bay Street Capital, Argosy's operating partner for the Sunbelt Industrial Portfolio, was founded in 2021 and focuses on value-add IOS and industrial real estate investments throughout the United States.

Sources

Argosy Real Estate Partners — Official Announcement