Due to the hard work the McCraney Property Company team has put into acquiring land throughout Florida, Georgia, and the Carolinas at an unprecedented pace, construction – grading, walls up, and TI – can be seen in the 7MSF of spec industrial projects under development along the Eastern seaboard.
On May 1, 2018, McCraney Property Company and JV partner Clarion Partners purchased 43.9±-acres of land located at the crossroads of FL-429 and Florida’s Turnpike in Ocoee, Fla. On the site, the company will develop “Distribution 429,” a new 652,696-square-foot speculative industrial park spanning three buildings:
According to recent market reports, Northwest Orange County retains one of the lowest vacancy rates in the Central Florida market and is poised to benefit from continued positive absorption. Developing “last mile” (same day/next day) industrial assets for e-commerce fulfillment in Ocoee was a natural extension of McCraney Property Company’s substantial footprint in Central Florida.
“The Ocoee market is Central Florida’s newest epicenter for industrial growth,” said Steven McCraney, President & CEO of McCraney Property Company. “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.”
William “Bo” Bradford, Co-President & Principal, CCIM, SIOR, with Lee & Associates represented the seller in this transaction.
At the end of the first quarter of 2018, McCraney Property Company and JV partner Northwestern Mutual acquired 44.32±-acres of land at the intersection of Georgia State Route 13 (also known as the Atlanta Highway) and Lanier Islands Parkway in Buford, Ga. McCraney Property Company is developing “985 Lanier Logistics” on the site, a new 612,572-square-foot speculative industrial park comprised of three Class A industrial buildings:
Grading began within days and the timeline for completion is the first quarter of 2019. Once complete, each building will incorporate McCraney Property Company’s signature clean facades and high-finish benchmark-setting warehouse design, which includes 30 to 32-foot clear height, 38 to 42 dock high doors, and a total of 160 tractor-trailer stalls. 985 Lanier Logistics’ design and easy access to major interstates (985 and 85) will appeal to quality end-users requiring freight forwarding, third-party logistics (3PL), and fulfillment needs ranging from 25,000 to 236,000 square feet while also seeking a location that evokes a sense of community.
“Record absorption, historically low vacancy rates and rising sales activity in the Atlanta industrial market are creating unprecedented industrial demand,” continued McCraney. “For several years, I’ve had my eye looking due north to untapped markets in Atlanta, Savannah, and Charlotte scouting new areas for ‘hubs’ and ‘spokes’ throughout the Southeast. Our recent acquisition history in the Southeast is a reflection of that due diligence, and now we can actively develop ahead of – and to the needs of – today’s market, proceeding as a leading contributor of speculative industrial product to a growing sector.”
Bilijack R. Bell, Partner with Wilson, Hull & Neal, represented McCraney Property Company in this transaction, while Frank N. Simpson, CCIM SIOR, founder and president of The Simpson Company of Georgia, Inc., represented the seller, Northeast Georgia Health System, Inc.
In the fourth quarter of 2017, McCraney Property Company acquired a 22-acre land parcel located near the intersection of interstates 16 and 95, approximately 10 miles from the Port of Savannah.
On the site, McCraney Property Company is developing 95 Logistics @ Pooler Parkway, a 345,600-square-foot industrial building that will feature 32-foot clear heights, 48 dock-high doors and 100 trailer parking spaces. The spec development will cater to tenants ranging upward in size from 100,000 square feet.
“Savannah’s expanding port continues to fuel the environment for the success of large logistics companies,” said McCraney. “The port has the necessary infrastructure in place to support high traffic without congestion as well as available land for much industrial growth in the coming years.”
Steve Croy of Croy Group LLC represented McCraney in the land acquisition.
CBRE’s William Lattimore is leasing 95 Logistics @ Pooler Parkway.
Construction has completed on 27 Logistics, a Class A spec industrial building spanning 207,676 square feet located on 12.67-acres fronting U.S. Highway 27 at the intersection of Deen Still Road in Davenport, Fla. McCraney Property Company and JV partner Northwestern Mutual developed the 207,676 square foot Class A spec industrial building adjacent to Park 27 in Davenport, Fla.
“East Polk County is a burgeoning e-commerce corridor, and we are one of the few private developers who has tapped this market for development, first with Park 27 and continuing with 27 Logistics Park,” said McCraney. “The uptick in jobs East Polk – 2,000 alone from Walmart’s new distribution and e-commerce center plus those resulting from the relocation of Communications Test Design, Inc. (CTDI) into 305,976-square feet at Park 27 – will create demand for the workforce needed to fill the e-commerce demand of national brands coming to Central Florida, and in turn, drive residential housing.”
Market reports for Polk County indicate that industrial leasing activity continued on a positive trajectory, and future occupancy of signed tenants should drive vacancy further down, which is already below pre-recession levels. “Our approach to delivering a product that meets market demand through speculative development continues to attract national brands seeking high-quality space that is available, accessible, and accommodating of their business needs,” added McCraney.
Prior to Certificate of Occupancy (CO), McCraney Property Company secured a new lease with NFI to fully occupy Logistics 77 @ Riverwalk, a 507,512 square foot speculative industrial development located in the Greater Charlotte, NC, market. The leading 3PL provider, which serves Amazon, moved in the end of second quarter of 2018.
The NFI team, McCraney Property Company Partner Dave Williams, and President of Intercon Building Company Curtis Trenkelbach, brought immense ingenuity, professionalism, and passion to getting this facility open on time and on budget.
“Relationships are everything,” said McCraney. “And we are proud to align with NFI as the sole tenant in the largest speculative industrial building built in the greater Charlotte market in recent years. Our logistics 77 project opens the gateway to two additional projects breaking ground in the greater Charlotte market by year-end.”