The Real Deal Miami

McCraney unloads six small-bay industrial buildings

The sale is part of the firm's strategic switch to larger industrial buildings to support e-commerce
September 17, 2016 01:30PM

Steven McCraney

Steven McCraney

West Palm Beach-based McCraney Property Company sold six industrial buildings in Orlando for $9.925 million.

The six small-bay industrial buildings spanning 185,768 square feet sold for $53.42 per square foot.

Steven McCraney, President and CEO of McCraney Property, said the sale of the buildings at a development called Orlando Central Park was strategic.

“As we move through the cycle, we are strategically selling assets within our existing smaller shallow bay portfolio to further strengthen our footprint within the larger, big-box e-commerce space,” McCraney said in a written statement.

Mike Davis, executive director of Cushman & Wakefield of Florida, represented McCraney Property Company in the six-building sale.

McCraney Property closed the sale less than one week after securing a $65 million loan from BankUnited secured by the company’s shallow-bay industrial buildings across Central Florida and South Florida.