McCraney Property Co., one of Florida’s largest industrial developers, sold the Belvedere Business Park in West Palm Beach for $12 million.
The West Palm Beach-based company led by President and CEO Steven McCraney developed the 109,360-square-foot, small-bay industrial complex at 8020 to 8140 Belvedre Road in 2002. It sold the 8-acre property to KVA Belvedere, managed by Peter Alevizos and Nancy Alevizos in Jupiter.
Mike Davis, of Cushman & Wakefield of Florida, represented McCraney Property Co. in the deal. The price equated to $110 per square foot. The property was 98 percent occupied. McCraney said there could be more property sales to come.
“This is the first of our legacy portfolio to be sold in South Florida as part of our strategic move out of the small bay product market and into the development and ownership of larger big box, e-commerce driven distribution centers,” McCraney said.
Recently, McCraney sold a small bay industrial property in Orlando Central Park. Small bay properties are generally for tenants from 10,000 to 50,000 square feet.
Meanwhile, McCraney is building a business park for larger tenants just off Florida’s Turnpike in Palm Beach County.