McCraney Property Company Secures 305,967 square foot new lease with Communications Test Design, Inc., to occupy more than half of Park27’s 602,971 SF at Tampa/Orlando intersection in Davenport
MARCH 31, 2017 – Davenport, FL – McCraney Property Company, a leading developer of modern high-finish industrial distribution properties, secured a 305,967 square foot new lease for Communications Test Design, Inc. (CTDI) to occupy more than half of the 602,971-square-foot two-building class A institutional-grade industrial spec development at Park27. The industrial park is located at 230 – 240 Deen Still Road in the northwest quadrant of Interstate 4 and US Highway 27 in Davenport, Fla.
Forecasting today’s growth in Central Florida years ago, McCraney Property Company developed 2.4 million square feet of industrial product designed to accommodate the needs to e-commerce and distribution tenants today and in the future, and currently has 1.3 million under construction in Plant City. “With 3.3 million square feet of absorption in Polk County alone in 2016, this lease validates that we are and will continue to see large users increasingly seeking out Central Florida as a hub for state-wide distribution in the third most populous state,” said McCraney Property Company’s President and CEO Steven McCraney, who developed the spec space at Park27 in partnership with Northwestern Mutual.
This transaction represents an expansion of CTDI’s footprint in Central Florida, and specifically in Davenport, by more than 300 percent. “A paradigm shift has occurred in Central Florida and the result is tenants looking for significantly larger space. The average requirement used to be 25,000 square feet and is now 100,000 square feet and up,” said David Murphy, Senior Vice President with CBRE, who along with Kevin Hoover, First Vice President, and Monica Wonus, Associate, represented McCraney Property Company in this transaction. “As such, we are seeing existing tenants in the market seeking significant expansions and new-to-market tenants seeking out large spaces to meet the demand for product to get to end users faster.”
CTDI will occupy that majority of Building 300, a 414,000 square-foot-building and the only multi-tenant spec space available in the immediate area that could accommodate a 300,000+ square foot user with trailer storage. The second building will span 189,000 square feet.
“Central Florida has shifted in the minds of local, regional, national and international businesses from a spoke along the distribution channel to a hub,” continued McCraney. “Users of all types of industrial space are growing their presence in the area, and East Polk County, in particular at the crossroads of US Highway 27 and Interstate 4, enables supply chains to reach almost anywhere in Florida and return in a day’s drive.”
The existing portion of Park27 serves as a distribution location for Amazon, Best Buy, and Ford Motor Company. Located adjacent to the Park is Walmart’s 2.2 million-square-foot e-commerce distribution center under development and a new 310,000 square foot distribution center for FedEx Ground Shipping Services.
Jeff York, Director of Brokerage Operations with United Properties Southwest, and John Morrissey, Founding Partner, and David Mackey, Associate, both with Jackson Cross Partners, represented CTDI.
About McCraney Property Company
McCraney Property Company is a leading regional real estate investment firm focused on acquisition, development and management of industrial properties in Florida’s major markets. Headquartered in West Palm Beach, Fla., McCraney Property Company has completed or is under construction on nearly 5,000,000 square feet of speculative industrial space. Its commitment to its clients and proven execution capabilities has positioned the firm to thrive in today’s recovering industrial market. For more information, please visit http://www.mccraneyproperty.com.