McCraney Property Company (MPC), an integrated developer and manager of commercial/industrial flex and warehouse distribution properties located throughout Florida, has broken ground early on two Central Florida spec industrial buildings totaling 243,000 square feet at John Young Business Park. MPC and Clarion Partners (Clarion), a large national investor and manager of commercial real estate, are joint venture partners on a three-building portfolio. General contractor Edwards Construction Services, Inc. was awarded both projects.
“Based on the increased demand for class A industrial on the I-4 corridor, we chose to break ground earlier than we expected on building III,” said Steven McCraney, CCIM, SIOR, president and CEO of MPC. “There is no question that we are bullish on the Central Florida industrial market and are opportunistically seeking out build-to-suit projects.”
Building II consists of 100,598 square feet with building III’s footprint at 142,638. Expected completion is for Q1 of 2014.
Florida real estate has had its share of challenges, but the spotlight seems to be back on Central Florida’s commercial real estate market. Foreign capital is flowing into the region as foreign investors seek asset quality, higher returns and asset safety. Renewed residential development is stabilizing land prices and lending rates are holding steady.
Once the two spec industrial buildings are built, the 393,000-square-foot portfolio will be complete. Dade Paper’s new 150,000-square-foot Central Florida distribution center/offices was the first