West Palm Beach-based McCraney Property Company bought 44.3 acres near Atlanta for a 615,572-square-foot industrial development.
McCraney Property paid $4.3 million for the industrial development site in Buford, a northeastern suburb of Atlanta with easy access to Interstate 85 and Interstate 985.
The company expects to break ground in mid-April for construction of a three-building industrial park called 985 Lanier Logistics.
The industrial buildings will range in size from 167,080 square feet to 209,252 square feet to 236,240 square feet. Tenant spaces can range upwards from 25,000 square feet at each of the three buildings.
“Record absorption, historically low vacancy rates and rising sales activity in the Atlanta industrial market are creating unprecedented industrial demand,” Steven McCraney, president and chief operating officer of McCraney Property, said in a prepared statement.
Bilijack Bell, a partner of brokerage firm Wilson, Hull & Neal, represented McCraney Property in its $4.3 million acquisition of the Buford development site. Frank Simpson, founder and president of The Simpson Company of Georgia Inc., represented the seller, Northeast Georgia Health System Inc.
McCraney Property currently has 6.6 million square feet of speculative industrial developments under way in Florida, Georgia and the Carolinas. [Atlanta Business Chronicle] – Mike Seemuth