McCraney Property Company has completes the largest industrial portfolio sale in the Southeast in 2020. Spanning 3.5 million square feet, the $272 million portfolio sale consists of six (6) fully stabilized Class A industrial speculative assets. The sale is a precedent game-changer for the logistics and distribution industry as the uptick in e-commerce activity upraised its value over the third and fourth quarters of 2020. Nuveen Global Investments LLC, a TIAA Company, purchased the assets from McCraney Property Company and Northwestern Mutual. The sellers were represented by CBRE’s Capital Markets executives Chris Riley, Frank Fallon, and Trey Embrey. The assets included:
- Country Line Logistics Center: 1,104,933 square feet located in Plant City, FL
- Park 27: 602,972 square feet located in Davenport, FL
- 27 Logistics Park: 207,676 square feet located in Davenport, FL
- I-4 Commerce Center: 45,340 square feet located in Lake Mary, FL
- 985 Lanier Logistics: 611,968 square feet located in Buford, GA
- North Carolina:
- Airport South: 350,687 square feet located in Charlotte, NC
Shortly after relisting, the portfolio went under contract with Nuveen Global Investments LLC and quickly finalized with a brisk and smooth closing.
“We brought the portfolio to market at a time when industrial properties are receiving much attention, fueled by the e-commerce uptick due to the pandemic,” said Steven McCraney, President and CEO of McCraney Property Company. “With only escalation in value on the forefront and little risk to any buyer, the pent-up industrial real estate industry was ready for a huge opportunity with this portfolio.”
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