Colliers International's Team Kingsley-Rutchik Brokers Nearly $36 million in Industrial Leases
Colliers International South Florida Sees Strong Industrial Performance from its Leasing Advisory Team in the First Half of 2019
Colliers International’s Team Kingsley-Rutchik Brokers Nearly $36 million in Industrial Leases
Miami, FL. July 9, 2019 –The Colliers International South Florida leasing advisory team headed by Jonathan Kingsley and Stephen Rutchik has closed nearly a dozen industrial lease transactions totaling 360,000 SF valued at more than $36 million in the first half of 2019.
The team represented Maintenance Supply Headquarters in a 97,183 sq. ft. lease at Gateway Commerce Park in Miami valued at $7.4 million. On the agency side, the team closed just under 250,000 sf of new industrial leases and 113,000 sq. ft of lease renewals for a total value of more than $36 million. The largest new leases include representing Sunbeam Properties in a 51,836 SF lease to Walgreens at Miramar Park of Commerce and representing Nuveen in a 66,270 SF lease to Sonny’s Car Wash Factory at Westpoint Industrial Centre in Tamarac.
Colliers leasing activity outperformed the market, which is beginning to show signs of moderation. According to Colliers International’s First Quarter 2019 Industrial Market Report, vacancy rates increased slightly during the first quarter to 4-percent with rental rates slightly decreasing to an average of $9.47 per square foot within Miami-Dade County.
Colliers’ Director of Industrial Leasing, Ryan Goggins said, “while we have seen some moderation in South Florida’s industrial market coming off of a strong 2018, the market’s overall fundamentals remain strong and we remain optimistic about economic conditions and demand for additional industrial space as the region continues to grow.”
Colliers represented Nuveen in closing a half dozen leases at Pointe West Commerce Center in Davie and at Westpoint Industrial Centre in Tamarac, totaling 190,512 sq. ft for a value of nearly $18.2 million across the portfolio., including the 41,000 SF lease renewal valued at $5.9 million to KSM Electronics in Tamarac. Goggins also closed a 23,400 sq. ft lease renewal valued at $1.2 million to Rick Case Cycles at Nuveen’s Pointe West in Davie.
The Kingsley-Rutchik leasing advisory team continued their longstanding representation of Sunbeam Properties at Miramar Park of Commerce with a trio of new industrial/flex leases totaling 72,690 sq. ft. with total value of $10.5 million. The new tenants include Walgreens, represented by Cushman and Wakefield, CPS Products, an international manufacturer of technical tools, represented by Colliers International’s Erin Byers, and Coverall North America, represented by Mohr Partners.
The team's strong performance in closing industrial leases within South Florida follows its track record of success in the South Florida office market. Previously, the firm announced the Kingsley -Rutchik team closed 17 office lease transactions, totaling more than 186,000 sq. ft. with a value of nearly $48 million within Broward County, during the first quarter of 2019.
“Colliers International brokers provide clients with the creativity and deep knowledge base to deliver outstanding service,” said Kingsley. “As a result, the Colliers team continues to stand alone as one of the best performing South Florida-based results-driven leasing teams in 2019.