Capital Is Hungry for Industrial Deals—For Now

McCraney Property Co. did not intend to sell 85 Logistics Park, a 201,600-square-foot industrial facility in Greenville, South Carolina. In fact, it had turned down several investment offers, but one from an owner-user convinced them otherwise. The terms of the deal were not disclosed, but Steven McCraney, president and CEO of the company, says that it was just good timing.

“We had no intention of selling. We are developers, so selling is not usually what we do. Generally, owner-users pay a premium compared to investment capital, and I would not say that was the case here,” McCraney tells GlobeSt.com. “The buyer just came along at an interesting time when we were doing other transactions, and it just became appealing. There was no magic to it. It just made sense.” He adds that the development company had recently completed the purchase of 100 acres in Charlotte near the airport, which contributed to the incentive to sell.