McCraney Property Company (MPC) closed on a prime, fully entitled 39-acre industrial site adjacent to the Florida Turnpike and Taft-Vineland Road in metro Orlando. The site will be home to McCraney’s new Bent Oak Industrial Park, which will consist of 700,000 square feet of Class A warehouse-distribution product.
The land purchase was all cash. Development financing was obtained from BankUnited.
“I have a tremendous passion for Orlando development,” said Steven E. McCraney, SIOR, CCIM, President and CEO of McCraney Property Company, which is currently developing almost 1 million square feet of spec industrial in Central Florida. “We continue to be bullish on the Central Florida industrial market.”
The centrally located project includes more than 1,200 feet of Florida Turnpike frontage and is located just minutes away from the Beachline Expressway-Florida Turnpike interchange.
Phase one of Bent Oak includes two state-of-the-art industrial buildings. Building I will be a 225,000-square-foot, 32’ clear, front-load distribution facility. Building II will be a 475,000-square-foot, 32’clear, cross-dock distribution facility. The site plan has been submitted to the county for approval. Groundbreaking is expected in early Q2 of 2014.
Matthew Sullivan, Wilson McDowell and Bobby Isola of Colliers International Central Florida, represented the seller in the transaction. The same Colliers team has been appointed exclusive leasing agent for the project.
MPC is also in the process of constructing two spec industrial buildings, totaling 243,000 square feet, in John Young Business Park with its joint venture partner Clarion Partners. The shells of both buildings are now finished.]]>
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