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:
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 for us to have a growing presence in Central Florida,” said John Jacobs, director of production for Northwestern Mutual Real Estate.
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation with investments in commercial mortgage loans and equities across all major property types. An essential ingredient in maintaining Northwestern Mutual’s financial strength and ability to deliver value to it policyowners is the performance of the company’s $195 billion general account investment portfolio, whose assets back the company’s insurance and annuity products.