McCraney Property Company, a leading private real estate investment firm focused on acquiring, developing, and managing industrial properties in the Southeast region, recently signed 108,340 square feet of new leases within three of its Class A industrial developments in Central and South Florida.
“While industrial real estate had extensive growth across the board last year, Central Florida experienced the largest expansion in signed leases during 2020 to e-commerce and retail trade tenants, the most recorded in the last quarter-century,” said Steven McCraney, President and CEO of McCraney Property Company. “At the pace we’ve seen for leasing for the first quarter of 2021, this is a strong indicator of the possibility of a record-breaking year for our portfolio.”
Tampa-based Cirkul Inc., a company dedicated to hydrating the nation by flavoring water without additive sugars, calories, and less plastic pollution, signed a new lease to occupy 63,487 square feet at Tampa Madison Industrial. After implementing capital improvements to the recently purchased industrial asset spanning 77,585 square feet at 4914 Joanne Kearney Boulevard in Tampa, Fla. to meet the company’s benchmark-setting standards, it created apparent demand in a submarket with more than three million square feet available as of 2020. Kris Courier with CBRE represented McCraney Property Company in this transaction, while Josh Tarkow of Cushman Wakefield represented the tenant.
Heritage Landscape Supply Group, a wholly-owned subsidiary of SRS Distribution comprising the largest wholesale distributors of irrigation and landscape services, has expanded its Central Florida footprint to include a new lease of 29,213 square feet signed at Infinity Park. Within the 1.264-million-square-foot distribution logistics facility located at 2613 Consulate Drive in Orlando, Fla., Heritage Landscape Supply Group’s lease brings Building 200 to 100 percent occupied. David Murphy with CBRE represented McCraney Property Company in this transaction, while Monica Perez-Wonus of CBRE represented the tenant.
“This transaction brings Infinity Park’s 1.3 million square feet of space to 71 percent leased as we continue to build the second phase of the project,” said John Pottinger, Senior Vice President of McCraney Property Company. “Over three quarters of our leases have been executed prior to completing construction of the buildings. Traditionally, industrial is not pre-leased at this rate in the Orlando market, which speaks volumes as this development’s size is substantial and has experienced an unprecedented lease-up.”
Further South in West Palm Beach, a tenant in the medical industry signed a new lease for 15,640 square feet at Airport Logistics Park, a 566,672 square foot Class A speculative development located at North Haverhill Road in West Palm Beach, Fla. Michael Falk with Colliers represented McCraney Property Company in this transaction, while Nick Monette of Parallel represented the tenant.
For more than 30 years, McCraney Property Company has been recognized as a responsive customer service-oriented team passionately focused on executing best-in-class industrial products. The firm’s active speculative industrial projects under some form of development in Florida, Georgia, South Carolina, and North Carolina is more than 8.5 million square feet.