ORLANDO—McCraney Property Company is continuing its industrial leasing roll. The latest to ink a new long-term build-to-suit lease at Bent Oak Phase II is Freeman Expositions.

Freeman signed a massive 451,823-square-foot lease at the McCraney property, taking down a significant chunk of the space available. Bent Oak Phase II is a 1 million-square-foot development project planned to complement the existing 703,920 square feet of Bent Oak Phase I at 1701 and 1802 Boice Pond Road in Orlando.

How big a deal is this? The transaction represents the largest build-to-suit industrial lease signed in the market in over seven years, bringing the industrial park to 48% leased prior to the construction of Bent Oak II.

"Central Florida is at a critical juncture in its growth as a major industrial hub,” Steven McCraney, CEO of McCraney, tells GlobeSt.com. “The region is a top-of-mind location for e-commerce and distribution companies, however, the majority of construction remains behind demand.

With a significant presence in Central Florida, Freeman, recognized by Advertising Age as the world's largest tradeshow and convention marketing company, sought to consolidate its current South Orlando operations for efficiency purposes. McCraney, along with joint-venture partner Clarion Partners, was able to accommodate the company's space needs at Bent Oak II.

“Similar to companies such as Freeman Expositions predicting growth in its industry in the next five years, years ago we forecast that demand in Central Florida would outpace supply,” McCraney says. “As such, today, there are few private developers that can accommodate a 450,000-square-foot user in Southeast Orange. We are focused on being that developer and are privileged to have the opportunity to work with such fine companies."

Bent Oak II sits at the intersection of Taft Vineland Road and the Florida Turnpike. The industrial property is set to deliver year-end 2016 and will ultimately be home to six buildings. Freeman will relocate from its current locations to occupy 100% of Building 600 as part of a larger flight to quality trend.

 “In spite of the tremendous activity McCraney Property Company has experienced this year, there continues to be pent up demand as the market remains at single-digit vacancy with Bent Oak as the premier industrial site in Central Florida,” says Matt Sullivan, managing director and principal with Cite Partners, which represented McCraney and Clarion during the latest transaction. JLL represented the tenant.