Posted on January 29, 2019 · Posted in Industrial / Flex, Investments, Office, Retail

McCraney Property Company completed the disposition of 498,487 square feet of industrial assets in West Palm Beach to Cabot Properties in the last quarter.

Most recently, McCraney Property Company completed the sale of four of five of its institutional-quality industrial buildings within Turnpike Business Park, which span 324,675 square feet located at 388-563 North Cleary Road in an unincorporated area of West Palm BeachIn November 2018, Cabot purchased a three multi-tenant warehouse and distribution portfolio encompassing 173,812 square feet within Vista Business Park from McCraney Property Company, also located in Palm Beach County.

“Since starting speculative construction on Turnpike Business Park, the market dynamics have improved quarter over quarter, leading to the lease-up of the property and ultimate sale,” said Steven McCraney, President and CEO of McCraney Property Company. “With another successful project completed, we turn our attention to our new West Palm Beach project, ‘Airport Logistics,’ a 540,000 square foot distribution and logistics development.”

“The tight industrial market in Palm Beach County and lack of institutional-quality inventory available made the acquisition of Turnpike Business Park a great addition to Cabot Properties’ portfolio,” said Christopher Thomson, who along with Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in both transactions.

Spanning 35 acres, Turnpike Business Park’s five tilt warehouses provide businesses with a mile of exposure on the east side of Florida’s Turnpike, just south of Belvedere Road, and range in size from 29,000 square feet to 132,000 square feet. Key tenants include Primestones® Granite, XPO Logistics, TCI, Summit Retail Solutions, Intellico Solutions, Stanley Stephens Flooring, United Water, MasTec Advanced Technologies, Contents Only, Renco Construction, Wellington Granite, Terminix, LaserShip, Arrigo Dodge, and PODS®.

McCraney Property Company presently has some eight million square feet of active industrial projects under development through the Southeast U.S. McCraney has been the visionary leading this new cycle of industrial real estate development from his cutting-edge approach to viewing the sector as the “new retail.” As such, McCraney Property Company’s exterior designs of buildings reflect a retail storefront rather than a typical industrial park. Other design elements of Turnpike Business Park include an increased standard clear height to 30 feet and new technologies specific to clients’ needs.

 

Source: CRE-sources

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