Spec No More: Developer Inks 200,000 SF Lease Deal
<![CDATA[McCraney Property Company (MPC) has signed a 10-year lease for a 200,000-square-foot build-to-suit in its Bent Oak Industrial Park project. The tenant, Bodek and Rhodes, a national apparel distributor headquartered in Philadelphia, will be relocating its current Orlando warehouse and expanding from 140,000 to 200,000 square feet. The deal is valued at $10,000,000. “We are very encouraged by the demand for Class A warehouse-distribution product in Orlando,” said Steven E. McCraney, SIOR, CCIM, President and CEO of McCraney Property Company, which is currently developing almost one million square feet of spec industrial in Central Florida. “We are also encouraged with the activity from smaller and medium-size users in the 15,000 to 75,000 square foot range.” Bent Oak Industrial Park will consist of 700,000 square feet of Class A warehouse-distribution product and 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. Bodek and Rhodes will occupy 200,000 square feet of Building II. Construction on both buildings is expected to commence within the next 45 days with occupancy in December of 2014. The site plan has been submitted to the county for approval. Bent Oak Industrial Park provides excellent access to major distribution thoroughfares in Central Florida and includes more than 1,200 feet of Florida Turnpike frontage. The prime, fully entitled 39-acre industrial site is adjacent to the Florida Turnpike and Taft-Vineland Road in metro Orlando. MPC’s team, led by Steven McCraney, consisted of James Marvel, Senior Vice President and Chief Financial Officer, and Andrew Jacobson, Vice President of Legal Affairs. They handled all negotiations. The owner’s representatives from Colliers International Central Florida included Matthew Sullivan, Wilson McDowell and Bobby Isola. The Colliers team is the exclusive leasing agent for the project. The tenant representatives were Scott Williamson and Rick Schuhwerk of JLL. Rich Weisbrod, Vice President of Operations for Bodek and Rhodes, also worked on the deal.]]>
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