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| John Young Business Park, John Young Parkway, Orlando, FL |
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| Steven McCraney |
ORLANDO, FL and WEST PALM BEACH, FL (Oct. 7, 2013) -
McCraney Property Company (MPC), an integrated developer and manager of
commercial/industrial flex and warehouse distribution properties located
throughout Florida, has broken ground early on two Central Florida spec industrial
buildings totaling 243,000 square feet at John Young Business Park.
MPC and Clarion Partners (Clarion),
a large national investor and manager of commercial real estate, are joint
venture partners on a three-building portfolio. General contractor Edwards
Construction Services, Inc. was awarded both projects.
"Based on the increased demand
for class A industrial on the I-4 corridor, we chose to break ground earlier
than we expected on building III," said Steven McCraney, CCIM,
SIOR, president and CEO of MPC.
"There is no question that we are bullish
on the Central Florida industrial market and are opportunistically seeking out
build-to-suit projects."
Building II consists of 100,598
square feet with building III's footprint at 142,638. Expected completion is for Q1 of 2014.
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| Dade Paper Distribution Center John Young Business Park, Orlando, FL |
Florida real estate has had its
share of challenges, but the spotlight seems to be back on Central Florida's
commercial real estate market.
Foreign capital is flowing into the region as
foreign investors seek asset quality, higher returns and asset safety. Renewed
residential development is stabilizing land prices and lending rates are
holding steady.
Once the two spec industrial
buildings are built, the 393,000-square-foot portfolio will be complete. Dade Paper's new 150,000-square-foot
Central Florida distribution center/offices was the first of the three projects
to be completed by MPC and Clarion. It
is fully operational.
For a complete copy of the
company’s news release, please contact:
Ashley Fierman
Account Coordinator
Boardroom Communications
Office: 954.370.8999
Cell: 954.330.1554
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