McCraney Sells Coral Springs Warehouse for $12M

An affiliate of McCraney Property Co. sold a Coral Springs warehouse for $12 million, a big gain after about two years of ownership.

MCM Coral Springs LLC, managed by Steven E. McCraney as CEO of West Palm Beach-based McCraney Property Co., sold the 53,787-square-foot industrial building at 4000-4006 N.W. 124th Ave. It was purchased by 4000-4006 NW 124 Avenue Coral Springs LLC, a Delaware-registered company. It’s not clear who manages the buying LLC. The price equated to $223 a square foot.

The building last traded for $6.75 million in 2019. The price increase reflects the low vacancy rates and rising rents in the industrial market in Broward County.

The warehouse was built on the 3.1-acre lot in 2007. It’s near the Sample Road exit of the Sawgrass Expressway.

Lupin Pharmaceuticals is among the tenants in the building.