McCraney Property Company Closes on Sale of Boca Logistics Center?
ORLANDO, Fl. (Feb.23,2023) McCraney Property Company (“McCraney”), a leading industrial real estate developer and manager, has closed on the sale to an affiliate of Ares Management Corporation of the Boca Logistics Center (the “Project”), a 119,117 square foot Class “A” industrial project in Boca Raton, FL. CBRE National Partners (“CBRE”) assisted McCraney in the sale, led by President Chris Riley and Vice Chairman Frank Fallon. Butters Construction & Development was the general contractor on the site.
Located at 644-646 Park of Commerce Way, Boca Logistics Center was built on one of the last remaining undeveloped sites in The Park at Broken Sound. The Project is strategically positioned with direct visibility from I-95 and excellent access to the interstate via Yamato Road. The location is an ideal business destination for companies, large and small, from global headquarters to entrepreneurial start-ups.
“The Boca Logistics Project by McCraney Property Company (and Ed Mitchell) is the only new first class industrial property to be built since 2000 in Boca Raton. The location in the Park at Broken Sound, easy accessibility to I-95, along with the first class industrial features that come with a McCraney building and the ability to lease spaces starting at 15,000 square feet are creating quite a demand for this facility,” said Michael Falk, SIOR, CCIM, Executive Director of Colliers South Florida, LLC.
The Project consists of two industrial buildings totaling 78,452 and 40,665 square feet, respectively. Units starting at ±15,000 square feet will be available for lease in Q2 2023.
The sale represents one of the best light distribution deliveries in Palm Beach County, setting a new standard for pricing in the market. Boca Raton remains a highly desired submarket for industrial with low vacancy and substantial rent appreciation last year. Per Colliers, warehouse direct asking rents in Palm Beach County grew more than 20% between Q4 2021 and Q4 2022.
“I just want to note that despite the headwinds from the ongoing credit crunch, this represents one of the best executions in the market,” said Chris Riley, President of Capital Markets U.S. Industrial & Logistics for CBRE.
About McCraney Property Company McCraney Property Company is a leading industrial owner and developer based in Orlando, FL. A multiple-time recipient of NAIOP’s Central Florida Developer of the Year Award, MPC has established itself as one of the top purveyors of high-finish industrial assets in the country. Their focus on core Southeastern markets, differentiated building design, transit connectivity and tasteful landscaping set their products apart in this highly active development sector. MPC currently has 15-million-square-feet of industrial projects in their pipeline.
About CBRE CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About Colliers Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people.
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