Market Demand Outpacing Supply for Class A Product Fuels Business “Flight for Quality”
Orlando, FL – June 22, 2015 – (RealEstateRama) — McCraney Property Company, a leading developer of modern high-finish industrial properties, secured a new lease for 99,214 square feet 60 days prior to Certificate of Occupancy (CO) at Bent Oak Industrial Park, Building 200, in Orlando, Fla. The transaction with Shepard Exposition Services, an Atlanta-headquartered national event service enterprise focusing on trade shows and experiential marketing, represents a relocation and expansion within the Central Florida market.
Offering unique product and an atypical approach of developing spec product in the Central Florida market, McCraney Property Company was ahead of the market curve of tenants today seeking to expand and sign for longer terms. Coming on the heels of a new 42,839 square foot lease transaction completed at McCraney Property Company’s John Young Parkway with Tampa-headquartered DEX Imaging, the addition of Shepard Exposition Services to the tenant roster brings McCraney Property Company-developed and owned Bent Oak Industrial Park close to 50 percent leased prior to construction completion.
“In the past 12 months, we’ve begun to realize a significant change in the overall demand and economics within Central Florida, and although highly frothy, only represents the very beginning of what lies ahead,” said Steven McCraney, President and CEO of McCraney Property Company. “Industrial demand is gearing up to outpace supply, a trend will continue throughout the year and into 2016.”
Over the past 60 days, McCraney Property Company has completed several substantial lease deals within its Central Florida properties, underscoring the development company’s preeminence within the market. “The importance of industrial product is altering due to the transforming landscape of commerce and the increasing number of companies seeking modern spaces in line with their business model, positioning them for future growth. We were able to forecast these market shifts in advance, and as such, we anticipate high activity to continue within Bent Oak Industrial Park and other new developments,” added McCraney.
Located at the highly desirable Beachline Expressway-Florida Turnpike interchange, Bent Oak Industrial Park sits on 39 acres and consists of two Class A high-finish industrial buildings at 1701 and 1801 Boice Pond Road, spanning 703,920 square feet. Matt Sullivan, Managing Director and Principal with Cite Partners, represented McCraney Property Company during the latest transaction at the property.
The majority of McCraney Property Company’s completed industrial parks and buildings in Orlando are at or nearing full occupancy while the overall vacancy rate for the Orlando industrial market is just above 9 percent.
About McCraney Property Company
McCraney Property Company (MPC), is a leading regional real estate investment firm focused on acquisition, development and management of industrial properties in Florida’s major markets. Headquartered in West Palm Beach, Fla., MPC owns over two million square feet of industrial space in Florida and is currently developing just under one million square feet of Class A industrial space in Central Florida. MPC’s commitment to its clients and proven execution capabilities has positioned the firm to thrive in today’s recovering industrial market. For more information, please visit http://www.mccraneyproperty.com.