McCraney Property Co. has announced plans to construct its third industrial building on speculation for the Orlando market.
The Orlando-based company has contracted to purchase a 39-acre industrial development site fronting Taft-Vineland Road in Orlando. The sale is expected to close by the end of the year, with construction planned to start by the second quarter, said Wilson McDowell, part of the Colliers International team that is marketing the project.
Bent Oak Industrial Park, as it’s called, is expected to include 700,000 square feet of warehouse and distribution space.
“We saw a lot of the medical users over the last year or two, and now we’re seeing a lot of organic growth with existing companies expanding,” McDowell said. Most of the growth comes from companies servicing the tourism and residential-construction sectors.
McCraney also is developing 243,000 square feet of speculative industrial space at John Young Business Park, Orlando. Last spring, McCraney completed one of the only build-to-suit projects in the Orlando market since 2008 — the 150,000-square-foot Dade Paper distribution center in the John Young Business Park, Orlando.
In addition, EastGroup Properties is developing a spec industrial building with about 109,000 square feet at Horizon Commerce Park in southeast Orlando, McDowell said.
Affiliates of Harbor Group International LLC acquired the 272-unit West Winds apartment community in Orlando and the 210-unit Verandahs at Hunt Club near Apopka, as well as the 146-unit Forest Lake Apartments in Daytona Beach. HGI plans to make about $2.2 million in capital improvements at the properties. …
Christi Davis, vice president of Morrison Commercial Real Estate, represented CRM Properties LLC in its $900,000 sale of a 9,216-square-foot medical condo at 917 Rinehart Road in the Lake Mary Professional Center. The buyer, TKR Realestate Holdings LLC, will use the space as offices for its medical practices. Michael J. Maier, of Pointe Central Realty, represented the buyer. …
Morrison also negotiated the sale of two office buildings in Orlando. The 3,175-square-foot building at 3900 Edgewater Drive was purchased by 3900 Edgewater LLC for $625,000. Lawson Dann, vice president of Morrison, represented the seller, A+ Tutor U Real Estate Holdings LLC. Anne Rogers Realty Group Inc. bought the property and plans to relocate there. A 3,350-square-foot office condo in Chase Plaza North Tower sold for $332,000 to Maple Enterprises LLC. Lawson Dann, of Morrison, represented the seller, Westdale Capital Investors I Ltd.
Kevin Yaryan, an investment specialist in Marcus & Millichap’s Orlando office, represented a limited-liability company in its $2.02 million sale of the 1,493-square-foot, net-leased Sonic Drive-In at 5399 International Drive, Orlando.
Capstone Valuation Advisors, a commercial appraisal firm, relocated and expanded by taking a five-year lease of 5,600 square feet at Maitland Promenade II, 495 North Keller Road, Maitland.
RC Stevens Construction Co. started work building the History Research and Education Center for the Winter Garden Heritage Foundation. The 5,200-square-foot facility in downtown Winter Garden will include climate-controlled space for historic artifacts, exhibition space, event space and a visitor information center.
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