Boca Logistics Heart. Picture courtesy of McCraney Property Co.
McCraney Property Co. has bought Boca Logistics Heart, a 119,177-square-foot industrial improvement in Boca Raton, Fla. The customer is an affiliate of Ares Administration Corp. In accordance with Palm Seaside County public information, the property modified fingers for $27.8 million. The vendor bought the land in 2019 for $7.5 million, the identical knowledge supplier reveals.
CBRE President Chris Riley and Vice Chairman Frank Fallon labored on behalf of the vendor.
Boca Logistics Heart contains a 40,665-square-foot constructing and a 78,452-square-foot one, situated at 644 and 646 Park of Commerce Approach, CommercialEdge knowledge reveals. The buildings function 24-foot and 28-foot clear heights and 145 whole parking spots, the identical knowledge supplier reveals.
First industrial mission constructed since 2000
The Class A mission, constructed on a number of the final undeveloped websites remaining at The Park of Damaged Sound, got here on-line earlier this month, with Butters Building & Improvement as basic contractor. Located on practically 9 acres, near Interstate 95 and Boca Raton Innovation Campus, the asset is 5 miles from downtown Boca Raton, 23 miles from Fort Lauderdale, Fla., and inside 27 miles of Fort Lauderdale-Hollywood Worldwide Airport.
A Colliers staff together with Government Vice Presidents Michael Falk and Scott Weprin, along with Senior Affiliate Jason Weprin, are advertising the property for lease, in response to CommercialEdge. McCraney Property Co.’s logistics mission is the primary new industrial property added within the metropolis since 2000 and can create nice demand because it provides leasing availabilities ranging from 15,000 sq. ft ground plates, famous Falk in ready statements.
The developer is shifting ahead with one other industrial mission within the space: McCraney Property Co. acquired $45.1 million in building financing for Commerce 429, an industrial park that may whole 485,813 sq. ft in Ocoee, Fla. Earlier, TA Realty marked one of many largest warehouse transactions in South Florida in 2022, by paying $241 million for Medley Commerce Heart, a 1 million-square-foot industrial park in Medley, Fla.
