McCraney Lands $55M for Industrial Portfolio
All properties are located in the Southeast.
McCraney Property Co. has obtained $55 million in financing for a three-property industrial portfolio in the southeastern U.S. totaling 665,810 square feet. JLL secured the three loans for the borrower.
The non-recourse financing includes a $25.8 million loan for the 390,498-square-foot 41 Logistics Center in Adairsville, Ga.; $16 million for the 128,684-square-foot Royal Palm Logistics in Royal Palm Beach, Fla.; and $13.2 million for the 146,628-square-foot Davidson 85 in Concord, N.C.
McCraney developed the three facilities between 2023 and 2024. All of them feature 32- to 36-foot clear heights, ample parking and ESFR sprinklers. The portfolio was 94.7 percent leased at the time of closing.
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JLL Senior Managing Director Melissa Rose, Senior Director Michael DiCosimo and Associate Nicole Barba led the Capital Markets’ Debt Advisory team that facilitated the loans. The same brokers helped McCraney obtain a $25.8 million loan to develop the first phase of an industrial project in Pasco County, Fla.
McCraney, which has offices in Orlando, Fla., and Charlotte, N.C., specializes in industrial development and ownership, The company has more than 25 million square feet completed or in active speculative projects under development. Its tenant base includes companies in the manufacturing, logistics/distribution, food and beverage, agriculture, aerospace and technology sectors.
CRE lending growing
The drop in interest rates corresponded with a rising volume of commercial real estate lending, including for industrial properties. During the fourth quarter of 2024, originations for all major property types increased 84 percent over the year, according to Mortgage Bankers Association data.
Industrial properties, which attracted large amounts of financing as the sector grew in the post-pandemic years, are still strong in that regard, with originations up 94 percent year-over-year in Q4 2024, MBA reports. Still, the sector didn’t grow as much as hospitality, whose originations were up 124 percent year-over-year in Q4 2024, and office, up 105 percent.
By the end of last year, overall CRE origination activity was back to 2022 levels, MBA notes. The organization expects more commercial property-associated borrowing and lending this year.
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