McCraney Property Company has acquired 40-acres of land in an off-market assemblage of three parcels just South of E. Fullers Cross Road in Ocoee.
In the Northwest Orange submarket of Orlando, the firm plans to develop Progress Commerce Park, a six-building Class A speculative industrial park spanning 480,560 square feet at the crossroads of State Road 429 and Florida’s Turnpike. This comes on the heels of the completion of Distribution 429, a 652,696-square-foot industrial park developed by McCraney Property Company upon 44 acres in Ocoee the firm purchased nearly three years ago.
“We have enjoyed our relationship with the City of Ocoee, working alongside a proficient team to elevate and expand the City’s industrial footprint with the development of Distribution 429,” said Steven McCraney, President, and CEO of McCraney Property Company. “We hope to again have the privilege of bringing a new project to light under the stewardship of the City of Ocoee, creating future growth in the Northwest Corridor of Orlando.”
At the close of 2020, Orlando’s industrial market experienced a total of three million square feet of positive absorption, with the Northwest Orange submarket leading the individual submarkets with 1,548,512 square feet for the year. The uptick in e-commerce last year is reflected in the increased and sustained demand for industrial product.
“With demand for quality, well-located, and managed industrial space severely outweighing active construction in the Northwest Orange market as of the end of 2020, we feel as though the addition of Progress Commerce Park will strike a chord with prospective tenants, bringing new-to-market businesses and, in turn, jobs to the City,” continued McCraney.
Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change request. If approved, Progress Commerce Park will be developed in three phases, resulting in a total of 480,560 square feet.
Neither the seller’s nor McCraney Property Company had brokers to represent this off-market acquisition.
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