OCOEE, FL—Industrial development firm McCraney Property Co. has acquired nearly 44 acres of land at a key commercial crossroads here and plans to move forward with a more than 650,000-square-foot speculative project.
The firm, which is headquartered in West Palm Beach Charlotte, NC, has acquired 43.9 acres adjacent to Florida Route 429 and Florida Turnpike and plans to develop “Distribution 429,” a new 652,696-square-foot speculative industrial park. William “Bo” Bradford, co-president and principal, CCIM, SIOR, with Lee & Associates represented the seller, a family-held private entity in this transaction. No financial terms of the transaction were released.
The firm intends to construct three buildings: Building 100 – 104,950 square feet, Building 200 – 145,164 square feet and Building 300 – 402,582 square feet. Groundbreaking on the project is expected later this month.
Steven McCraney, president & CEO of McCraney Property Co. is bullish on the Ocoee market terming it “Central Florida's newest epicenter for industrial growth.”
“With the demand for last mile hubs continuing to outpace supply, industrial developments along key arteries that enable tenants to move product throughout the Greater Central Florida market and beyond will prove invaluable to company's distribution strategies,” McCraney says.
Company officials also point to recent market reports that indicate Northwest Orange County, in which Ocoee resides, has one of the lowest vacancy rates in the Central Florida market. Therefore, developing “last mile” (same day/next day) industrial assets for e-commerce fulfillment in Ocoee was a natural extension of the company's significant industrial footprint in Central Florida, they add.
The market segment for industrial assets under 250,000 square feet represents 70% of the total U.S. warehouse stock but only 17% of completions, as the average U.S. industrial user ranges from 15,000 square feet to 50,000 square feet,” McCraney says. “As demand for industrial product remains strong in Florida's major markets, we are already seeing strong tenant interest at Distribution 429.”
McCraney Property Company has a portfolio of more than 7 million square feet of active speculative industrial projects under some form of development in Florida, Georgia, South Carolina, and North Carolina.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
