McCraney Property Company Acquires 44 Acres In Orlando’s Ocoee Market For 650,000-SF Spec Industrial Development

May 02, 2018 No Comments by

McCraney Property Company has purchased 43.9±-acres of land located at the crossroads of FL-429 and Florida’s Turnpike in Ocoee.

On the site, the company will develop “Distribution 429,” a new 652,696-square-foot speculative industrial park spanning three buildings:

• Building 100 – 104,950 square feet

• Building 200 – 145,164 square feet

• Building 300 – 402,582 square feet

According to recent market reports, Northwest Orange County, in which Ocoee resides, retains one of the lowest vacancy rates in the Central Florida market and is poised to benefit from continued positive absorption. Developing “last mile” (same day/next day) industrial assets for e-commerce fulfillment in Ocoee was a natural extension of McCraney Property Company’s substantial footprint in Central Florida.

 

“The Ocoee market is Central Florida’s newest epicenter for industrial growth,” said Steven McCraney, President & CEO of McCraney Property Company. “With the demand for last mile hubs continuing to outpace supply, industrial developments along key arteries that enable tenants to move product throughout the Greater Central Florida market and beyond will prove invaluable to company’s distribution strategies.”

The dominant theme during this cycle has been “bigger is better” to accommodate the strong growth of e-commerce. While market demands of shorter delivery times/inventory returns, the modern supply chain has evolved into a complex web of distribution facilities anchored by a series of regional “big box” hubs supported by light industrial spoke properties serving as a crucial mid-point and last mile delivery of goods to the end user.

 

“Shallow bay industrial buildings, ranging from 180’ to 440’ in depth, is the target property size our company is developing throughout the Southeast, fulfilling demand from tenants seeking to do business in a 5 to 50-mile radius from their customer,” continued McCraney. “The market segment for industrial assets under 250,000 square feet represents 70 percent of the total U.S. warehouse stock but only 17 percent of completions, as the average U.S. industrial user ranges from 15,000 – 50,000 square feet. As demand for industrial product remains strong in Florida’s major markets, we are already seeing strong tenant interest at Distribution 429.”

With groundbreaking anticipated for mid-May 2018, each building will incorporate McCraney Property Company’s signature clean facades and high-finish benchmark-setting warehouse design and technological advances which appeals to quality end-users requiring freight forwarding, third-party logistics (3PL), and fulfillment needs.

William “Bo” Bradford, Co-President & Principal, CCIM, SIOR, with Lee & Associates represented the seller in this transaction.

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Industrial, Industry News, Land, NA
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