McCraney Inks 452,000 SF Build-To-Suit Lease

McCraney Property Company secured a new, long-term build-to-suit lease with Freeman Expositions, Inc., for 451,823 square feet at Bent Oak Phase II, a 1 million-square-foot development project planned to complement the existing 703,920 square feet of Bent Oak Phase I at 1701 and 1802 Boice Pond Road in Orlando. The lease represents the largest build-to-suit industrial lease signed in the market in over seven years. With a significant presence in Central Florida, Freeman Expositions, recognized by Advertising Age as the world’s largest tradeshow and convention marketing company, sought to consolidate its current South Orlando operations for efficiency purposes. McCraney Property Company, along with joint-venture partner Clarion Partners, was able to accommodate the company’s space needs at Bent Oak II.  

“Freeman Expositions chose our development team at Bent Oak due to our the ability to consolidate the company’s Orlando operations into one location coupled with the close proximity to its existing facility, providing an easy transition for employees as well as enhancing the company’s brand exposure,” said Steven McCraney, President and CEO of McCraney Property Company. “Our nimble approach has proven very beneficial with tenants/customers like Freeman that have joined our properties recently including Bodek and Rhodes, FedEx, Uline, Dex Imaging, and Blue Line. We are pleased to partner with Clarion Partners on Bent Oak I and II to deliver quality industrial product to the Greater Central Florida market.”

Bent Oak II, located at the intersection of Taft Vineland Road and the Florida Turnpike, is set for delivery year-end 2016 and will consist of six buildings in total. Freeman Expositions will relocate from its current locations to occupy 100 percent of Building 600 as part of a larger flight to quality trend. Edwards Construction, C4 Architecture, and Smiley & Associates Engineering has been engaged by McCraney Property to drive the progress of this development. Recent market reports show the industrial vacancy rate in Orlando hovering at 9.5 percent.  

“In spite of the tremendous activity McCraney Property Company has experienced this year, there continues to be pent up demand as the market remains at single-digit vacancy with Bent Oak as the premier industrial site in Central Florida,” said Matt Sullivan, Managing Director and Principal with Cite Partners whom represented McCraney Property Company and Clarion Partners during the latest transaction.

McCraney Property Company and Clarion Partners were pleased to work with the JLL brokers which represented the tenant, Managing Director Tom McCarthy and Vice Presidents Joe Hills and Josh Lipoff of JLL’s Orlando office.


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