McCraney Property Company Sells Industrial Portfolio for $272M
West Palm Beach-based McCraney Property Co. and partner Northwestern Mutual sold six industrial buildings in the Southeast to Nuveen Global Investments for $272 million.
The deal highlights the demand for warehouse space as the Covid-19 pandemic has increased growth in e-commerce sales, leading to demand for distribution space.
The portfolio totals 3.5 million square feet.
McCraney Property, led by President and CEO Steven McCraney, was represented by CBRE’s Chris Riley, Frank Fallon, and Trey Embrey.
The properties that sold include:
- Country Line Logistics Center in Plant City.
- Park 27 in Davenport.
- 27 Logistics Park in Davenport.
- I-4 Commerce Center in Lake Mary.
- 985 Lanier Logistics in Buford, Georgia.
- Airport South in Charlotte, North Carolina.
“We brought the portfolio to market at a time when industrial properties are receiving much attention, fueled by the e-commerce uptick due to the pandemic,” McCraney said. “With only escalation in value on the forefront and little risk to any buyer, the pent-up industrial real estate industry was ready for a huge opportunity with this portfolio.”
The deal also provides McCraney Property with capital to invest in new projects.