CB Richard Ellis Inc. broker David Murphy, who brokered the sale, says the dirt is "the only large developable site in Orlando Central Park." The deal took 60 days to complete.
Land owner FMC Technologies Inc. , which assembles aeronautical equipment in OCP, had owned the tract for 20 years and at one time planned to use the land for future company expansion. FMC didn't put a price tag on the tract but let the market dictate its value through sealed bids, Murphy says.
McCraney, an active commercial and industrial real estate developer in South Florida for 17 years, plans to build 325,000 sf of retail and office flex warehouse product on the site which has 1,750 feet of frontage along John Young Parkway, one of the dominant north-south arteries in Orlando. The dirt lies between Presidents Drive and Directors Row, a corridor that includes dozens of national corporate regional headquarters.
The FMC land was McCraney's second property purchase in Orlando in the last three months. He bought the 81,000-sf Orlando Regional Airport Center in January. The property has office warehouse product with bay sizes ranging from 4,100 sf to 24,000 sf. The purchase also includes land available for the construction of an additional 110,000 sf of office and warehouse space at the intersection of Sandlake Drive and Orange Avenue in Orlando, the developer says.
McCraney Property Co. has corporate holdings totaling one million sf in commercial, industrial, office-flex, warehouse distribution and bay warehouse product. The company focuses on multi-tenant industrial development throughout Orange, Palm Beach and Martin counties. "New development will encompass roughly 1.3 million sf of office, industrial and retail mixed–use over the next 30 months," McCraney says.
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