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Business Observer Friday, Dec. 1, 2017 9 months ago

McCraney adding to Polk portfolio

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McCraney Property Co. and Northwestern Mutual, months after completing a major speculative industrial development in Davenport, are expanding their Polk County portfolio.
by: Kevin McQuaid Commercial Real Estate Editor

McCraney Property Co. and Northwestern Mutual, months after completing a major speculative industrial development in Davenport, are expanding their Polk County portfolio.

In the wake of Park 27, a two-building, 602,971-square-foot project, the pair are constructing another spec project on an adjacent tract.

27 Logistics Park will contain 207,676 square feet upon completion, on a nearly 13-acre tract that fronts U.S. Highway 27 with what McCraney calls “superior access” to Interstate 4.

Both Park 27, the land for which McCraney purchased for $5.26 million in 2015, and 27 Logistics Park are in close proximity to Wal-Mart Stores Inc.'s 2 million-square-foot e-commerce fulfillment center.

Distributors such as Walmart and others have been drawn to Polk County because of its central location in the state, and the ability to reach more than 9 million consumers within a day's drive.

Steven McCraney, president and CEO of the development company that bears his name, says the area is ideally suited for so-called “last mile” developments that e-commerce logistics firms eager to establish.

In addition to Park 27 and 27 Logistics Park, West Palm Beach-based McCraney is developing numerous industrial projects throughout Florida. Most notably, the firm is working to build more than 1.34 million square feet of space on a 70-acre tract in plant City.

The first phase of the company's $80 million County Line Logistics Center there, a 293,280-square-foot building, is also under construction on a speculative basis.

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