McCraney Property Company is adding to its industrial park portfolio in Orlando after buying 60 undeveloped acres on June 19, for roughly $9 million, a lead executive for the company told GrowthSpotter on Tuesday.
Located at the intersection of Taft Vineland Road and the Florida Turnpike in Orange County, west of Orlando International Airport, the industrial developer acquired the largest remaining parcel of land to complete its Bent Oak Industrial Park.
McCraney previously acquired three smaller parcels totaling roughly 36 acres in January 2014, for $7.4 million under its affiliate Bent Oak Industrial, on which it has built two industrial buildings totaling about 700,000 square feet. One tenant, retailer Bodek & Rhodes, occupies 194,000 square feet of that space.
This new 60-acre parcel has nearly one-fourth of its property line fronting the turnpike. McCraney plans to build several industrial buildings totaling 1.2 million square feet of space on the site, a project estimated at $60 million, said Jerry Benson, McCraney's asset manager for Central Florida.
"There's a lot of demand from companies in expansion mode or that want newer buildings. Many industrial buildings in Orlando are second-generation space, with not much built since the recession period," Benson said. "We'll build these with the latest ESFR sprinkler system, they will also have a white reflective TPL roof."
The property is master-planned and designed with entitlements in place, so the next step for McCraney is acquiring building permits over the next 60 days. Site work should start within 90 days on immediate construction for a 110,000-square-foot industrial building on a portion of the land that's pad-ready, Benson said. The rest of the property will require work to be made pad-ready.
McCraney has yet to confirm its general contractor on the project, but has worked with Edwards Construction on its last five buildings, Benson noted. The company has also not confirmed its architect, but has worked primarily with Orlando-based C4 Architecture.
"This has to be the largest frontage you'll find on the turnpike, so it will give great exposure to companies that choose to be in the park," Benson said. "It's really the last large in-fill location for a master-planned industrial project."
McCraney now has six industrial parks in Orlando, with the five other than Bent Oak now fully leased.
Orlando has had little new industrial warehouse space built over the past five years, and existing facilities available for purchase are being leased up to create value or sold at steadily rising prices, local real estate brokers told GrowthSpotter in early June.
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