ORLANDO/WEST PALM BEACH – (July 17, 2014) – McCraney Property Company (MPC) announced that it has broken ground on its Bent Oak Industrial Park project and formed its second Orlando joint venture with international real estate investment manager Clarion Partners, LLC. Bent Oak is the second largest industrial project in the state so far this year, being built on one of the last remaining Central Florida industrial parcels that front the Florida Turnpike.
The new joint venture covers the development of MPC’s Bent Oak Industrial Park, a 700,000-square-foot, Class A warehouse-distribution project located in South Orlando. The first was John Young Business Park, a 393,000-square-foot Class A, three-building project, also located in Orlando.
“Clarion is a tremendous partner, it has been a great joint venture partnership for us,” said Steven E. McCraney, SIOR, CCIM, President and CEO of McCraney Property Company. “It made a lot of sense for us to work with them on Bent Oak.”
Bent Oak Industrial Park consists of Class A warehouse-distribution product, which includes two state-of-the-art industrial buildings. Building 100 will be a 480,000-square-foot, 32’ clear, cross-dock distribution facility. Building 200 will be a 220,000-square-foot, 30’ clear, front-load distribution facility. The fully built-out site will eventually expand the business park to more than two million square feet of Class A space.
Announced earlier in the year, Bodek and Rhodes, a national apparel distributor, signed a 10-year lease to occupy approximately 200,000 square feet of Building 100. Bodek and Rhodes will have early access to the building to commence their leasehold improvements in December of 2014. Both buildings have targeted delivery dates in Q1 of 2015.
Bent Oak Industrial Park provides excellent access to major distribution thoroughfares in Central Florida and includes more than 1,200 feet of Florida Turnpike frontage. The prime, fully entitled 39-acre industrial site is adjacent to the Florida Turnpike and Taft-Vineland Road in metro Orlando.
Bent Oak is being marketed by Matthew Sullivan, SIOR, CCIM, Wilson McDowell, CCIM and Bobby Isola of Cite Partners. For more information, call (407) 930-1800.
In addition to its two large projects, McCraney has fully staffed its Orlando office with the addition of the director of development, an asset manager and a property manager. The company has other Central Florida land holdings in Lake Mary and South Orlando, and is pursuing additional development opportunities and acquisitions in the Greater Central Florida region.