2211 Vista Parkway rendering ()
The developer behind Vista Center Business Park is looking to spend about $12.5 million on two Palm Beach County industrial projects.
McCraney Property Co. plans a $7.5 million development on 44 acres it owns along Florida’s Turnpike between Southern Boulevard and Belvedere Road. Crews are set to break ground in the third quarter on a 600,000-square-foot warehouse as part of McCraney Property’s aggressive development plan for South and Central Florida.
Steven McCraney, company president and CEO, said rising demand has also prompted a $5 million development at Vista Center Business Park. City National Bank is financing the project set to start in April for delivery in September. The development will include two Class A buildings totaling 100,000 square feet on 7.2 acres at 2211 Vista Parkway.
“The time is now,” said Michael Falk, the leasing agent responsible for attracting distribution, construction and light manufacturing tenants looking for 10,000- to 50,000 square-foot work spaces. Steven “McCraney has always been ahead of market with his vision and strong financing partnerships.”
West Palm Beach-based McCraney Property Co. owns the Vista and Turnpike business parks in Palm Beach County as well as developments in Orlando and Stuart. In the last five years, it’s had no new construction at Vista, a 500-acre master-planned Class A development off Okeechobee Boulevard and Jog Road west of West Palm Beach.
That’s about to change with the company set to build more than 1.2 million square feet of industrial space in Palm Beach and Orange counties.
“The recession came on and pretty much stopped the music five years ago,” McCraney said. “But we’ve seen space tighten very quickly. There’s no overhang in the market, so it’s time again to put up Class A product that we believe will be quickly absorbed.”
The county’s industrial vacancy rate is 7.3 percent with more than 44.9 million square feet of total space, according to CBRE Inc.’s latest market overview.
As of Jan. 1, the only industrial project in the county under construction was the Aldi supermarket chain’s 650,000-square-foot distribution center in Royal Palm Beach.