Steven E. McCraney Of McCraney Property Company Acquires Industrial Asset In Orlando For $23M

The property asset involved in the transaction is a distribution facility located at 1801 Cypress Lake Drive in Orlando. It spans 168,515 square feet and sits on 10.6 acres of land. The sale price for the asset was $23,000,000, equating to a price per square foot of $136.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $23,000,000
• Address: 1801 Cypress Lake Drive
• Market: Orlando
• Acres: 10.6
• Square Footage: 168,515
• Price Per Square Foot: $136
• Buyer: Steven E. McCraney - McCraney Property Company
• Seller: Veyer Logistics
• Broker Representatives: Luis Castillo, Cody Brais, Taylor Osborne & David Orta Jr. - JLL
• Mortgage Brokers: Melissa Rose, Michael DiCosimo, Nicole Barba & Magnus Kron - JLL

In this transaction, JLL played a key role by arranging the sale and facilitating a three-year floating-rate loan through Truist Bank. They will also handle leasing for the property. McCraney Property Company is planning capital upgrades such as roof replacement, truck court repairs, and office modernization.