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.