McCraney Property Company Adds to Industrial Park Portfolio with Recent 66-acre Purchase for New 1.3M SF Development, Bent Oak II
Central Florida Market Demand Outpacing Class A Product Supply Fuels Developer’s Bullish Outlook For New Construction
July 7, 2015 – Orlando, FL – McCraney Property Company, a leading developer of modern high-finish industrial properties, announced plans for a 1,125,330-square-foot development project, Bent Oak Phase II, to complete its Bent Oak Industrial Park. The success of its 703,920 square foot Bent Oak Phase I, comprised of two class A industrial buildings on 39 acres, prompted the company to purchase the directly adjacent 66 acres – the largest remaining parcel of land at the intersection of Taft Vineland Road and the Florida Turnpike in Orange County – for the construction of the new development.
Delivery of the new industrial product is set for the end of Q2 2016, and the new phase of the industrial park will consist of six buildings in total: Building 300 at 111,390 square feet; Building 400 at 130,320 square feet; Building 500 at 130,320 square feet; Building 600 at 585,300 square feet; Building 700 at 84,000 square feet; and Building 800 at 84,000 square feet. The site is capable of a build-to-suit project totaling up to 1.3 million square feet, and site work should start within 90 days on immediate construction for Building 300 on a portion of the land that is pad-ready.
“There is tremendous momentum in the market due to companies, especially e-commerce, wanting to expand into newer buildings,” said Steven McCraney, President and CEO of McCraney Property Company. “The new 66-acre parcel, west of the Orlando International Airport, has nearly one-fourth of its property line fronting the turnpike, appealing to companies seeking maximum exposure in a market that been difficult to penetrate with little new industrial space developed since the recession.”
McCraney Property Company now has six industrial parks in Orlando, with the five other than Bent Oak Industrial Park now fully leased. Within the past month, the company secured a new lease for 99,214 square feet 60 days prior to Certificate of Occupancy (CO) at Bent Oak I, Building 200, underscoring zealous industrial demand and the development company’s preeminence within the market.
“Our latest supersized project [Bent Oak II] in Orlando is happening against a backdrop of record absorption and the increasing number of tenants’ draw to quality locations,” added McCraney. “To remain ahead of the market curve and accommodate tenants’ plans to expand and sign for longer terms, we are continuing to offer a unique product and an atypical approach of developing speculative product in the Central Florida market.”
For Bent Oak II, Edwards Construction Services Inc. is the general contractor, and C4 Architecture LLC is the architect.
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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.
