West Palm Beach-based McCraney Property Company broke ground on its new Park27 project, the only spec industrial new construction building in Davenport, Florida. McCraney partnered with Northwestern Mutual Real Estate, the real estate investment arm of Northwestern Mutual, to develop 603,000 square feet of industrial building space, located at the northwest quadrant of interstate 4 and US Highway 27. The development is adjacent to a recently announced Walmart ecommerce distribution center with two buildings and more than 2 million square feet. Project costs were not disclosed.
"On the heels of the Orlando industrial market experiencing an explosive 2 million square feet of absorption to date this year, currently there is no other sector within commercial real estate more fluid and exciting than the industrial market today," said Steven McCraney, President and CEO of McCraney Property Company. "Industrial is morphing its traditional makeup with retail and technology, and Central Florida is at the perfect crossroads to capitalize on ecommerce momentum.
Park27 includes two buildings on its 33-acre site:
- The first building will span 189,000 square feet
- The second will be 414,000 square feet, and be the only multi-tenant spec space available in the immediate area that can accommodate a 300,000+ square foot user with trailer storage
"Park27 is a first-class development that represents an exciting opportunity for us to have a growing presence in Central Florida," added John Jacobs, director of production for Northwestern Mutual Real Estate in a press release.
For more news and information visit Blumberg Partners.
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