Breaking: Orlando Developer McCraney to Build New Spec Industrial Park
One of the most active Orlando industrial real estate developers is gearing up for another project.
McCraney Property Co. plans to build a 480,560-square-foot speculative industrial project on roughly 40 vacant acres south of East Fullers Cross Road in Ocoee. The development is called Progress Commerce Park and will feature six Class A industrial buildings. It’s the latest McCraney Property project in Ocoee after the company developed the nearby 652,696-square-foot Distribution 429.
The city of Ocoee has received an application from McCraney Property, which is seeking approvals for the project, said Angel de la Portilla, president of Orlando-based government consulting firm Central Florida Strategies and economic consultant for the city of Ocoee.
“With demand for quality, well-located and managed industrial space severely outweighing active construction in the Northwest Orange market as of the end of 2020, we feel as though the addition of Progress Commerce Park will strike a chord with prospective tenants, bringing new-to-market businesses and, in turn, jobs to the city,” President and CEO Steven McCraney said in a prepared statement.
McCraney Property’s Progress Commerce Park LLC bought the roughly 40 acres along Ocoee Apopka Road in December and January for a combined $5.5 million, or about $137,500 an acre, according to Orange County records. The sellers included Lawrence Levin, Patricia Donahue, Thomas West, and West & West LLC. No brokers were used in the off-market deal.
McCraney Property is one of the most active developers in the Southeast and has more than 17 million square feet of active speculative industrial projects under various stages of development in Florida, Georgia, South Carolina and North Carolina.
The West Orange/Winter Garden industrial submarket, which includes Ocoee, featured a 20.9% average vacancy rate in fourth-quarter 2020, Cushman & Wakefield (NYSE: CWK) reported, which is higher than the Orlando-area average of 7.5%. Meanwhile, the submarket’s average asking rental rate for warehouse/distribution space is $5.55 per square foot, compared with the Orlando-area average of $5.97 per square foot. Roughly 402,582 square feet of industrial space was added in the submarket in the fourth quarter.