207,676 SF Proposed Project Solidifies McCraney Property Company as One of the Few Private Developers Tapping East Polk’s Burgeoning E-Commerce Corridor for Development
OCTOBER 20, 2017 – TAMPA, FL – McCraney Property Company, a leading developer of modern high-finish industrial distribution properties, and Northwestern Mutual are partnering to develop 27 Logistics Park, a 207,676-square-foot spec class A industrial warehouse to be located on a recently acquired 12.67-acre parcel fronting U.S. Highway 27 at the intersection of Deen Still Road in Davenport, Fla.
27 Logistics Park is adjacent to McCraney Property Company’s 602,971-square-foot two-building class A institutional-grade industrial spec development at Park 27, at which Northwestern Mutual is also a partner, and just north of Walmart’s recently completed 2.2 million-square-foot distribution and e-commerce center in Davenport. The newest proposed development in East Polk County is poised to benefit from the strategic land acquisition and construction of “last mile” distribution channels that the leading private industrial developer has been at the forefront of along major thoroughfares in South and Central Florida, and now further north into the Carolinas.
“East Polk County is a burgeoning e-commerce corridor, and we are one of the few private developers who has tapped this market for development, first with Park 27 and continuing with 27 Logistics Park,” said Steven McCraney, President and CEO of McCraney Property Company. “The uptick in jobs East Polk – 2,000 alone from Walmart’s new distribution and e-commerce center plus those resulting from the relocation of Communications Test Design, Inc. (CTDI) into 305,976-square feet at Park 27 – will create demand for the workforce needed to fill the e-commerce demand of national brands coming to Central Florida, and in turn, drive residential housing.”
As of second quarter 2017, market reports for Polk County indicate that industrial leasing activity continued on a positive trajectory, and future occupancy of signed tenants should drive vacancy further down than its current 6.3 percent, which is already below pre-recession levels. “Our approach to delivering a product that meets market demand through speculative development continues to attract national brands seeking high-quality space that is available, accessible, and accommodating of their business needs,” added McCraney.
Jeff York of York Property Company, and John Morrissey, Founding Partner, and David Mackey, Associate Broker, both with Jackson Cross Partners, represented CTDI.
Northwestern Mutual Real Estate is one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. The $43+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.
About McCraney Property Company
McCraney Property Company, recently named one of National Real Estate Investor’s 2017 Top 50 National Industrial Owners & Developers, 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.