McCraney, partner pick up land in tight Boca Raton industrial market

The property sold for $858K per acre

Miami /
Nov.November 11, 2019 08:45 AM
Steven E. McCraney, President & CEO McCraney Property Company with the land

Steven E. McCraney, President & CEO McCraney Property Company with the land

McCraney Property Company and Mitchell Property Realty bought an 8.74-acre vacant site for $7.5 million in Boca Raton to build a new industrial project.

McCraney and Mitchell purchased the land for $858,123 per acre from Biotest AG. It is located off of Park of Commerce Way near I-95.

Biotest bought the property for $7 million in 2018, records show.

Avison Young’s Mark M. Rubin and Keith O’Donnell represented the seller in the deal. Todd Cohen of TCC Advisors represented the buyer.

Boca Raton is seeing demand for industrial properties from developers and investors due to the limited amount of available sites. According to Avison Young, Boca Raton’s industrial market’s vacancy rate dropped to 2.62 percent in the third quarter, as a total of 139,059 square feet of space was absorbed. That is more than double the absorption of any other submarket in Palm Beach County.

Last year, West Palm Beach-based McCraney Property Co. sold three fully leased warehouses in central Palm Beach County for $25.8 million.


Related Articles

arrow_forward_ios
Joshua D. Frank and 429 East Alexander Road, Boca Raton (Google Maps)
Investment management partner buys waterfront Boca Raton mansion for $10M
Investment management partner buys waterfront Boca Raton mansion for $10M
Lone Star Funds founder and chair John Grayken, Discovery Senior Living exec Richard Hutchinson and the Palm Beach Gardens location of Discovery Senior Living. (Discovery, Getty)
Lone Star Funds buys two Palm Beach County senior living complexes for $57M
Lone Star Funds buys two Palm Beach County senior living complexes for $57M
Grant Cardone with the Boca Raton apartments. (Facebook via Cardone, Realtor)
Grant Cardone pays $69M for Boca Raton multifamily project
Grant Cardone pays $69M for Boca Raton multifamily project
Michael Dell and Major Food Group heads (from left) Rich Torrisi, Jeff Zalanick and Mario Carbone with a rendering of The Flamingo Grill at Boca Raton Resort & Club (Getty)
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
(Photos courtesy of Uptown Boca)
Amazon Fresh to open 1st Florida store in west Boca Raton
Amazon Fresh to open 1st Florida store in west Boca Raton
Gregory L. Clayman and 4750 Sanctuary Lane, Boca Raton (Linkedin, Google Maps)
Video chat firm president buys waterfront Boca Raton home
Video chat firm president buys waterfront Boca Raton home
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
Sheer Science CEO Jonathan Greenhut. (LinkedIn via Jonathan Greenhut, The Koolik Group / Compass)
Skincare CEO buys lakefront Boca Raton mansion for $5M
Skincare CEO buys lakefront Boca Raton mansion for $5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...