Steven McCraney, president and CEO of McCraney Property Co., said he plans to build two industrial buildings on a property he recently acquired in Boca Raton.
McCraney Property and partner Mitchell Property Realty paid $7.5 million for 8.74 acres of vacant land on the south side of Park of Commerce Way. The property is just behind the biomanufacturing building at 5900 Park of Commerce Blvd.
The site’s close proximity to the Yamato Road exit of Interstate 95 was a major reason he bought the property, McCraney said.
“Tenants are always looking for excellent [highway] access and exposure,” McCraney said.
McCraney plans to build 130,200 square feet of industrial space there. The first building would total 98,200 square feet with a clear height of 32 feet. It should break ground in the first quarter of 2020 and be completed in the fourth quarter of the same year, he said.
The second building would total 32,000 square feet with a clear height of 28 feet.
McCraney is working with city officials to finalize the site plan, he added.
“Both of the buildings will likely go to single users,” McCraney said.
He has yet to hire a brokerage firm to lease the buildings. He anticipates rents in the mid $9 per square foot.
According to Avison Young, which brokered the sale, the Boca Raton industrial market had a vacancy rate of 2.62% in the third quarter, when 139,059 square feet of space was absorbed. There’s been little industrial development in Boca Raton in recent years because of land constraints.
“It’s an area that has had tremendous success over the years,” McCraney said.
Source: South Florida Business Journal
Article Written By: Brian Bandell Senior Reporter, South Florida Business Journal