McCraney Property Co. closed on the acquisition of 55 acres at 4518 Davidson Highway. The parcel sold for $5.45 million. The West Palm Beach developer partnered with Shoreline Capital to acquire the site. The buyers bought the site from American Asset Corp. and Shoffner Development.

To be called Concord Gateway, the Charlotte Business Journal reports that the development team expects to spend $45 million on the project, with buildings ranging from 10,000 to 64,000 square feet each. The developers received nearly $100,000 in government incentives from the Concord City Council.

The property acquired by McCraney and Shoreline is just off Exit 55 from Interstate 85. Piedmont Properties/Corfac International’s Jim Plyler represented the seller of the Concord Gateway site in the deal with McCraney. Piedmont’s Christian Samartino represented the buyer.

Besides the latest transaction, McCraney is also behind a large industrial assemblage in Kannapolis