McCraney Property Co. has sold Boca Logistics Center, a 119,177-square-foot industrial development in Boca Raton, Fla. The buyer is an affiliate of Ares Management Corp. According to Palm Beach County public records, the property changed hands for $27.8 million. The seller purchased the land in 2019 for $7.5 million, the same data provider shows.
CBRE President Chris Riley and Vice Chairman Frank Fallon worked on behalf of the seller.
Boca Logistics Center comprises a 40,665-square-foot building and a 78,452-square-foot one, located at 644 and 646 Park of Commerce Way, CommercialEdge data shows. The buildings feature 24-foot and 28-foot clear heights and 145 total parking spots, the same data provider shows.
First industrial project built since 2000
The Class A project, built on some of the last undeveloped sites remaining at The Park of Broken Sound, came online earlier this month, with Butters Construction & Development as general contractor. Situated on nearly 9 acres, close to Interstate 95 and Boca Raton Innovation Campus, the asset is 5 miles from downtown Boca Raton, 23 miles from Fort Lauderdale, Fla., and within 27 miles of Fort Lauderdale-Hollywood International Airport.
A Colliers team including Executive Vice Presidents Michael Falk and Scott Weprin, together with Senior Associate Jason Weprin, are marketing the property for lease, according to CommercialEdge. McCraney Property Co.’s logistics project is the first new industrial property added in the city since 2000 and will create great demand since it offers leasing availabilities starting from 15,000 square feet floor plates, noted Falk in prepared statements.
The developer is moving forward with another industrial project in the area: McCraney Property Co. received $45.1 million in construction financing for Commerce 429, an industrial park that will total 485,813 square feet in Ocoee, Fla. Earlier, TA Realty marked one of the largest warehouse transactions in South Florida in 2022, by paying $241 million for Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla.
The post Boca Raton Logistics Center Sells appeared first on Commercial Property Executive.
Industrial, Investment, Miami, News, South, Ares Management Corp, CBRE, Colliers, McCraney Property Company
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