McCraney Completes Orlando Central Park Sale
- Nov 10, 2016
by Evelina Croitoru
Orlando, Fla.—McCraney Property Co., a leading developer of modern high-finish industrial properties headquartered in West Palm Beach, Fla., has completed the sale of Presidents Plaza at Orlando Central Park. The property traded for $9 million, being acquired by Avistone LLC. The transaction completes the roughly $19 million sale of McCraney’s entire 294,200-square-foot portfolio within Orlando Central Park, which took about two months to finalize.
“This is the first time in recent memory that we’ve seen industrial as the most desirable of all commercial real estate sectors, sought after by the widest swath of investors, including individuals, REITS, enterprises, investment firms/funds, owner/users,” said Steven McCraney, president & CEO with McCraney Property Co., in prepared remarks.
Located at 7101 Presidents Drive, the property consists of three small-bay industrial flex buildings spanning 108,432 square feet. The asset situated on 7.98 acres of land was built in 1986 and at the time of the deal was 95 percent leased to 16 tenants.
“This offering was a rare opportunity to acquire immediate industrial critical mass and diversification within Florida, which is one of the fastest growing economies in the country. Marking its entrance into the Greater Orlando area, Presidents Plaza served as a perfect fit for Avistone’s investment criteria for acquisition of stabilized multi-tenant properties in major and secondary markets,” added McCraney.
Mike Davis, executive director with Cushman & Wakefield‘s Florida office, represented McCraney in the transaction.
Image courtesy of McCraney Property Co.