The lead executive of industrial developer McCraney Property Company paid $4.055 million on Wednesday in an off-market deal for his second home in Winter Park.
Located off N. Park Avenue along a private drive and on a peninsula extending into Lake Maitland, the two-story home was built in 1978 and features four bedrooms and four-and-a-half baths across 5,539 square feet of conditioned area.
The buyers were Steven and Maria McCraney, whose home base is in Palm Beach Gardens. Steven is president and CEO of his eponymous warehouse development company.
The home is more than double the conditioned area of one the McCraneys bought in March 2016 nearby on Winter Park's N. New York Avenue, and "aligns with his commitment to the growth of his company in the Orlando market," company spokeswoman Deidre Krause told GrowthSpotter.
"He is planning to spend more time in Central Florida with all the projects going on there," she added. "With the Distribution 429 project in Ocoee breaking ground and a couple other projects coming up, he believes Central Florida represents a growth area for Florida as a whole, and is committed to being part of that growth."
McCraney Property Company has also expanded its warehouse development into Georgia and the Carolinas, with more than 7 million square feet of new industrial space under construction now in the southeast, Krause said. McCraney views Orlando and its airport as a good base to attend to that multi-state growth.
The newly-acquired home will have some design upgrades carried out in the coming months, and is working now with architects on renovation concepts.
The McCraneys won't be moving in until the renovation work is complete, so they have no immediate plans to sell their first home on N. New York Avenue. But when they do, Patrick Higgins of Fannie Hillman and Associates will have the listing, Krause said.
The seller was Harvey N. Kobrin, who with late wife Nancye Kobrin previously paid $1.3 million for the home in 1995. He and McCraney had no past relationship, and was simply approached because of Steven's interest in the lakefront lot.
The Kobrins have been long-time philanthropists for the Jewish community in Central Florida. Harvey has served on the board of directors for Orlando Health and the Dr. Phillips Center, the couple donated $1 million in 2001 to help build the MD Anderson Cancer Center in Orlando, and in 2006 established the Kobrin Family Foundation to steer their charitable pursuits in the future, according to a 2013 report by Heritage Florida Jewish News.