ORLANDO—Developers are doing more than eyeing Orlando's industrial acreage—they are making strategic deals as the market recovers. Two buyers just snapped up four lots in the Bent Oak Industrial Park on Boice Farms Road near Satellite Boulevard and Taft-Vineland Road in Orlando.
The "Bent Oak development," as people have called it over the years, is one of the last available large pieces of industrial land in the core of Orlando's industrial market, according to Colliers International Central Florida. Matt Sullivan, Wilson McDowell, and Bobby Isola of Colliers, represented the seller, JCL Development Corp., in both transactions.
"This is the next location for industrial development in Central Florida," says McDowell. "Bent Oak is one of the last great sites available, with ideal access to all the major roadways. There were several developers wanting to buy it."
Bent Oak Industrial, LLC, a wholly owned entity of McCraney Property, purchased Lots 3, 4 and 5 for $7.41 million. McCraney will build speculative class A distribution warehousing on the 38.7-acre industrial property.
Groundbreaking is anticipated in the second quarter of 2014. The site plan submitted to Orange County calls for a 225,000-square-foot front-load building and a 475,000 square-foot cross-dock. McCraney also has two other industrial buildings under construction on John Young Parkway in Orlando.
Griffiths Holding Corp. purchased Lot 2, a 10.29-acre parcel, in Bent Oak Industrial Park for $1.9 million. Griffiths is an owner-user who will be constructing a building to occupy themselves.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.