McCraney Property Company negotiates $65 million loan from BankUnited to refinance nearly one million square foot shallow bay industrial portfolio

West Palm Beach, FL – September 7, 2016 – McCraney Property Company, a leading developer of modern high-finish industrial properties, announces successfully securing a loan of $65 million from BankUnited. The loan will be used to refinance the company’s legacy portfolio assets, which encompass some 1,000,000 rentable square feet of shallow bay industrial and includes:

Vista Business Center, West Palm Beach
Belvedere Business Park, West Palm Beach
Orlando Central Park, Orlando
Discovery Lakes, Orlando
Treasure Coast Commerce Center, Stuart

The deal was originated from the bank’s Miami office and led by Executive Vice President Robert Hummel. BankUnited has a fruitful relationship with McCraney Property Company, recently providing partial financing for the company’s acquisition of 78 acres of land at the intersection of County Line Road and Rice Road in Plant City, Fla., which will be known as County Line Logistic Park. This will lead to the development of a class A industrial spec property totaling 1,350,000 square feet.

“To refinance our previous CMBS debt, secure longer term debt at a much favorable rate and most importantly, do all with a highly regarded regional lender, is paramount and allows us to more effectively move our business forward,” said Steven McCraney, President and CEO, McCraney Property Company. “It’s a relationship business, and we appreciate BankUnited and its belief in our product.”

The most active developer in the niche of Industrial real estate development, e-commerce distribution facilities, management, and private acquisition in Florida’s major markets, McCraney Property Company has developed some 5,000,000 square feet of speculative industrial space. In the past year alone, McCraney Property Company delivered 1,316,920 square feet and broke ground on 1,206,000 square feet in South and Central Florida.

“The past six years have tested everyone within real estate, and it’s a remarkable achievement for […]

By |September 7th, 2016|Press Releases|Comments Off

McCraney Property Company Grows Central Florida Industrial Footprint; Purchases 70 Acres at Fancy Farms along I-4 Corridor in Plant City to Construct 1.3 MSF

Plant City, FL – July 18, 2016 – McCraney Property Company, a leading developer of modern high-finish industrial properties, announces the strategic purchase of 70 acres of Fancy Farms’ nearly 250-acre Grooms’ family-owned strawberry farm located at the intersection of County Line Road and Rice Road in Plant City, Fla. The acquisition will pave the way for McCraney Property Company to develop a class A industrial spec property totaling 1,3250,520 square feet.

In the immediate vicinity of Amazon, Publix Super Markets, O’Reilly Auto Parts, and Southern Wine & Spirits’ distribution facilities, McCraney Property Company’s new development will be one of the few sites that can support a single million square foot user. Paying homage to the organic growth of Plant City as the winter strawberry capital of the world and the importance of County Line Road as a hub for distribution, McCraney Property Company’s newest industrial development will include the famed strawberry field in its name, “County Line Logistics Center at Fancy Farms”.

“This area of Central Florida is the new frontier for the convergence of development and commerce. The I-4 passage is attracting new business largely on the broad vision and commitment to the infrastructure of the community and its leaders,” said Steven McCraney, President and CEO, McCraney Property Company. “An avid advocate of advancement, City Manager Mike Herr and the Plant City Economic President & CEO Jake Austin have been instrumental change agents in accelerating smart business growth and development within Plant City.”

The Park’s design will target high-quality end-users requiring freight forwarding and fulfillment needs while also seeking a business location that evokes a sense of place. The Park will incorporate McCraney Property Company’s signature clean facades and high finish benchmark setting product, which includes clear heights […]

By |July 18th, 2016|Plant City, Press Releases|Comments Off

McCraney Property Company Pre-Leases 33 Percent of New Development Prior to CO at Vista Distribution Center in West Palm Beach

West Palm Beach – October 12, 2015 – McCraney Property Company, a leading developer of modern high-finish industrial properties, secured two new leases totaling 30,936 square feet prior to Certificate of Occupancy (CO) of two new class A industrial buildings located at 2211 and 2213 Vista Parkway within Vista Distribution Center in West Palm Beach, Fla.

The pre-leasing to the following companies represents roughly 33 percent of the total 96,077 square feet available:

· Epic Gymnastics will take 12,682 square feet of Building 1’s 51,764 square feet at 2211 Vista Parkway

· Nodara will take 18,254 square feet of Building 2’s 44,313 square feet at 2213 Vista Parkway

With roughly 4.2 percent vacancy in West Palm Beach’s industrial market as of 2Q 2015 reports, the limited supply of Class A product is putting pressure on lease rates and sale prices, and impacting tenants seeking medium to large floorplans in the market.

“In advance of today’s market conditions of increased demand for class A industrial product to the point of a shortage of available options, we committed to build spec product to meet the growing demand in West Palm Beach,” said Steven McCraney, President and CEO of McCraney Property Company. “With 658,791 square feet of absorption in the West Palm Beach industrial market to date this year, we’re confident that Vista Distribution Center and our next project, 388,000 square feet of new construction on 45 acres at Turnpike Distribution Center, will be well received in the market due to our approach of delivering modern spaces in line with today’s business needs.”

The new spec warehouse space is designed to allow signage along Jog Road for 50 percent of the building with the other 50 percent facing Vista Parkway. Built with 24′ tilt […]

By |October 12th, 2015|Press Releases, West Palm Beach|Comments Off

McCraney Property Company continues to outpace market, inks 67,136 square feet long-term lease to national tenant at Bent Oak Industrial Park

Orlando – September 15, 2015 – McCraney Property Company, a leading developer of modern high-finish industrial properties, secured a new lease for 67,136 at Bent Oak Industrial Park, a two-building class A industrial park spanning 703,920 square feet of rentable space over 39-acres at 1701 and 1802 Boice Pond Road in Orlando, Fla.

Within the past three months more than 166,350 square feet of transactions have been completed at Bent Oak to two tenants, bringing the park to 51 percent occupancy. The newest lease is with Blue Line Food Service Distribution, one of the nation’s major foodservice logistics companies which serves as the main logistic provider for Little Caesars Pizza. Blue Line is relocating within Orlando to Bent Oak, located within Orlando’s highly desirable Beachline Expressway-Florida Turnpike interchange, as part of a larger flight to quality trend.

“This lease is representative of a growing requirement of businesses to have “hub and spoke” approaches to logistics strategies to complement larger facilities and ensure distribution efficiencies,” said Steven McCraney, President and CEO of McCraney Property Company. “Our central location and immediate access to major thoroughfares allows e-commerce companies, franchises and multi-location businesses in close proximity to Central Florida to be serviced in-line with the markets’ growing demand.”

Offering unique product and an atypical approach of developing spec product in the Central Florida market, McCraney Property Company was able to accommodate Blue Line’s request for housing its $1.7 million cooler in the tenant’s space. To meet demand for its product, McCraney Property Company announced plans in the third quarter of 2015 for a second phase of Bent Oak through a JV partnership with Clarion Partners. The proposed development will span 1,125,330-square-feet on an adjacent 66 acres; the largest remaining parcel of […]

By |September 15th, 2015|Orlando, Press Releases|Comments Off

McCraney Property Company & Northwestern Mutual to Build 600,315 SF of Class A Institutional Grade Industrial Product at Park27 in West Orlando

Orlando – September 8, 2015 –  McCraney Property Company, a leading developer of modern high-finish industrial distribution properties, and Northwestern Mutual are partnering to develop 603,000 square feet of industrial building space in West Orlando at Park27, located at the northwest quadrant of interstate 4 and US Highway 27.

McCraney Property Company plans to develop two buildings on its 33-acre site:

The first building will span 189,000 square feet
The second will be 414,000 square feet, and be the only multi-tenant spec space available in the immediate area that can accommodate a 300,000+ square foot user with trailer storage

Park27 is located adjacent to the recently announced Walmart ecommerce distribution center to be comprised of two buildings totaling over 2 million square feet as well as a new 310,000 square foot FedEx Ground Shipping Services distribution center. The development will stand in good company as Park27 already serves as a distribution location for Amazon, Best Buy, Ford Motor Company and hhgregg.

“On the heels of the Orlando industrial market experiencing an explosive 2 million square feet of absorption to date this year, currently there is no other sector within commercial real estate more fluid and exciting than the industrial market today,” said Steven McCraney, President and CEO of McCraney Property Company. “Industrial is morphing its traditional makeup with retail and technology, and Central Florida is at the perfect crossroads to capitalize on ecommerce momentum.

With Central Florida recently attracting the attention of national brands looking to streamline ecommerce in the state, beyond the existing landscape of tenants, CBRE data predicts that ecommerce operations will occupy an additional 3.4 million square feet of industrial space in Central Florida over the next three years.

“Park27 is a first-class development that represents an exciting opportunity […]

By |September 8th, 2015|Orlando, Press Releases|Comments Off