McCraney Property Co. has sold one of its industrial developments in a hot Charlotte submarket.

In late December, an entity tied to the Florida developer sold Beltway Logistics for $28.3 million, according to Mecklenburg County real estate records.

The nearly 210,000-square-foot building was bought by BCI IV Beltway Logistics Center LLC, which is affiliated with Black Creek Group, documents show. Black Creek first entered the Charlotte market in 2019 and was acquired by Ares Management Corp. last year.

Beltway Logistics is at 2140 Logistics Way, where interstates 85 and 485 meet. That site is about four miles from Charlotte Douglas International Airport. According to a leasing flyer for the building, it has 32-foot clear heights, 45 dock-high doors, two drive-in doors and a 185-foot truck court.

The buyer paid nearly $135 per square foot for Beltway Logistics. CBRE represented McCraney in the deal.

Black Creek first entered the local market by developing Creekside Commerce Center in southwest Charlotte. That project was announced nearly three years ago, with Black Creek planning four buildings totaling over 620,000 square feet there.

McCraney is an active player in the Charlotte industrial market, and it closed last year on land purchases for more major projects here.

In October, McCraney snagged around 100 acres in Rock Hill for an industrial project that could surpass 1 million square feet. In March, the developer spent over $10 million to acquire around 150 acres in southwest Charlotte for a 1.2 million-square-foot industrial park, the Charlotte Business Journal reported.

On CBJ‘s most recent list of Charlotte’s largest commercial real estate developers, McCraney ranked No. 13. CBJ data shows that between 2016 and 2020 the company developed nearly 1.3 million square feet locally, all of which was industrial space.