Pasco County industrial site developer gets $26M construction loan

McCraney Property Co., an Orlando developer, has taken out a $25.83 million construction loan for an industrial development in Pasco County being built on spec.

The financing, according to a statement, will be used for the construction of Phase 1 of Park 52 Logistics North.

JLL Capital Markets helped secure the three-year floating rate loan.

The 299,030-square-foot Phase 1 of the industrial development is expected to be complete in November.

The 78-acre property is on State Road 52 about a minute from the Interstate 75 and next to the 965-acre Double Branch master-planned community.

When done it will have three rear-load buildings ranging from 80,745 square feet to 130,865 square feet. The buildings will have 24-foot to 30-foot clear heights, four drive-in doors and car parking spaces ranging from 113 to 232 per building.

JLL says in the announcement that suite sizes will be able to accommodate tenants from approximately 20,000 square feet to 46,000 square feet.

McCraney is a real estate investment firm founded in 1989 and focused on buying, developing and managing industrial properties in the Southeast.

It has, according to the statement, more than 25 million square feet of space either developed, bought, under construction or in the pipeline, including in Plant City and Tampa.

JLL’s Melissa Rose, Michael DiCosimo, Justin Ratcliffe and Nicole Barba worked on the financing.

Phase 2 of the project will be made up of two rear-load buildings totaling 190,100 square feet. A timeline for that portion of the project was not available.