Spec Industrial Development Coming to Orlando
- May 03, 2018
A joint venture between McCraney Property Co. and Clarion Partners will develop Distribution 429, a three-building, 652,696-square-foot speculative industrial park in Ocoee, Fla., utilizing 43.9 acres of land the partners purchased.
“Large residential growth is taking place in the Northwest corridor of Orlando. These rooftops are driving consumption, and the consumption requires warehouse space,” Steven McCraney, McCraney Property Co.’s president & CEO, told Commercial Property Executive. “We believe that the Northwest corridor is perfectly poised for progress today.”
When Distribution 429 is completed, Building 100 will consist of 104,950 square feet; Building 200 will consist of 145,164 square feet; and Building 300 will be 402,582 square feet.
Each building will incorporate McCraney Property Co.’s signature clean facades and high-finish benchmark-setting warehouse design with technological advances that should attract quality end-users requiring freight forwarding, third-party logistics (3PL) and fulfillment needs.
Growing the portfolio
The project is expected to break ground later this month and will adhere to McCraney’s philosophy that industrial is the new retail.
“I believe that as markets evolve, it is also important that companies and their images evolve,” he said. “We are driving a very contemporary look with this asset which signifies all of the new growth that is taking place within this corridor.”
The company currently has developments under some form of construction in Florida, Georgia and the Carolinas, totaling more than 7 million square feet.
Back in December, McCraney Property Co. expanded its development portfolio in the Southeast with the acquisition of a 22-acre parcel in Savannah, Ga., with plans to construct a 345,600-square-foot industrial building on the site, taking advantage of the area’s 2 percent industrial vacancy rate and rapidly increasing port activity.
A need in Central Florida
Recent market reports reveal that Northwest Orange County retains one of the lowest vacancy rates in the Central Florida market and is poised to benefit from continued positive absorption.
Distribution 429 will be situated at the crossroads of FL-429 and Florida’s Turnpike in the Central Florida submarket with the lowest vacancy rates for industrial space.
According to McCraney, the company always buys high-profile sites, generally fronting major roadways, as he believes that the exposure is important for the customer, asset positioning and long-term financial stability.
“Transportation corridors are a huge advantage in a growing Central Florida market,” he said. “The access to both Florida’s Turnpike and the I-4 corridor are simplified by utilizing FL-429. The FL-429 creates a huge time-saver for distribution of product.”
Image courtesy of McCraney Property Co.