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 up concrete, the dock area can accommodate any size freight with ample doors per bay and includes some grade level loading.
Christopher Thomson, Senior Director with Cushman & Wakefield, represented McCraney Property Company during the latest transaction at the property.
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