The Real Deal Miami

McCraney sells another industrial property in PB County to Cabot Properties, this time for $36M

January 20, 2019 03:00PM

377 North Cleary Road in West Palm Beach (Credit: LoopNet)

West Palm Beach-based McCraney Property Co. sold a newly built complex of industrial buildings in western Palm Beach County near Florida’s Turnpike for $39.06 million, or $111 per square foot.

The new owner is an affiliate of Boston-based Cabot Properties, which paid $25.8 million in November to buy three other warehouse properties in Palm Beach County from McCraney.

McCraney sold Turnpike Business Park, which the company developed in 2017 on 30.9 acres in West Palm Beach near the turnpike’s exit to Southern Boulevard.

Built on speculation without tenants in place at 377 North Cleary Road, Turnpike Business Park is a cluster of five industrial buildings with a total of 352,586 square feet. Southern Glazer’s Wine & Spirits is among the tenants.

Cabot acquired the property with representation from a seven-man team at brokerage firm Cushman & Wakefield brokers: Christopher Thomson, Chris Metzger, Richard Etner, Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner. [South Florida Business Journal] – Mike Seemuth