ORLANDO—Steven McCraney just keeps betting on speculative industrial development in Florida. After seeing strong success with his 703,920-square-foot Bent Oak Phase I, McCraney Property Company is setting out to build an even bigger industrial project.

Bent Oak Phase II will span over 1.125 million square feet. Indeed, the success of phase one, which includes two class A industrial buildings on 39 acres, motivated McCraney to acquire the neighboring 66 acres of land for phase two. This plot is the largest remaining parcel of land at the intersection of Taft Vineland Road and the Florida Turnpike in Orange County.

“There is tremendous momentum in the market due to companies, especially e-commerce, wanting to expand into newer buildings,” says McCraney. “The new 66-acre parcel, west of the Orlando International Airport, has nearly one-fourth of its property line fronting the turnpike, appealing to companies seeking maximum exposure in a market that been difficult to penetrate with little new industrial space developed since the recession.”

The industrial asset is expected to deliver toward the end of the second quarter of 2016. The industrial park's second phase will include six buildings: Building 300 at 111,390 square feet; Building 400 at 130,320 square feet; Building 500 at 130,320 square feet; Building 600 at 585,300 square feet; Building 700 at 84,000 square feet; and Building 800 at 84,000 square feet.

The industrial site is capable of a build-to-suit project totaling up to 1.3 million square feet. Site work should start within 90 days on immediate construction for Building 300 on a portion of the land that is pad-ready.

McCraney now has six industrial parks in Orlando, with the five other than Bent Oak Industrial Park now fully leased. Within the past month, the company secured a new lease for 99,214 square feet 60 days prior to Certificate of Occupancy at Bent Oak I, Building 200, underscoring zealous industrial demand and the development company's preeminence within the market.

“Our latest supersized project in Orlando is happening against a backdrop of record absorption and the increasing number of tenants' draw to quality locations,” says McCraney. “To remain ahead of the market curve and accommodate tenants' plans to expand and sign for longer terms, we are continuing to offer a unique product and an atypical approach of developing speculative product in the Central Florida market.”