Colliers' director of industrial leasingRyan Goggins

MIAMI—Against a backdrop of what the firm says is a moderatingSouth Florida industrial market, the Colliers International SouthFlorida leading advisory team has closed nearly a dozen industriallease transactions totaling 360,000 square feet during the firsthalf of this year.

Colliers' director of industrial leasing Ryan Goggins said,“While we have seen some moderation in South Florida's industrialmarket coming off of a strong 2018, the market's overallfundamentals remain strong and we remain optimistic about economicconditions and demand for additional industrial space as the regioncontinues to grow.”

The industrial lease deals negotiated by the Colliers team,headed by Jonathan Kingsley and Stephen Rutchik, were valued atmore than $36 million.

The team represented Maintenance Supply Headquarters in a97,183-square-foot lease at Gateway Commerce Park in Miami valuedat $7.4 million. On the agency side, the team closed approximately250,000 square feet of new industrial leases and 113,000 squarefeet of lease renewals for a total value of more than $36 million.The largest new leases include representing Sunbeam Properties in a51,836-square-foot lease to Walgreens at Miramar Park of Commerceand representing Nuveen in a 66,270-square-foot lease to Sonny'sCar Wash Factory at Westpoint Industrial Centre in Tamarac.

Colliers leasing activity outperformed the market, which isbeginning to show signs of moderation. According to ColliersInternational's First Quarter 2019 Industrial Market Report,vacancy rates increased slightly during the first quarter to 4%with rental rates slightly decreasing to an average of$9.47-per-square-foot within Miami-Dade County.

Colliers represented Nuveen in closing a half dozen leases atPointe West Commerce Center in Davie and at Westpoint IndustrialCentre in Tamarac, totaling 190,512 square feet for a value ofnearly $18.2 million across the portfolio., including the41,000-square-foot lease renewal valued at $5.9 million to KSMElectronics in Tamarac. Goggins also closed a 23,400-square-footlease renewal valued at $1.2 million to Rick Case Cycles atNuveen's Pointe West in Davie.

The Kingsley-Rutchik leasing advisory represented SunbeamProperties at Miramar Park of Commerce with a trio of newindustrial/flex leases totaling 72,690 square feet with total valueof $10.5 million. The new tenants include Walgreens, represented byCushman and Wakefield, CPS Products, an international manufacturerof technical tools, represented by Colliers International's ErinByers, and Coverall North America, represented by Mohr Partners

The team's strong performance in closing industrial leaseswithin South Florida follows its track record of success in theSouth Florida office market. Previously, the firm announced theKingsley-Rutchik team closed 17 office lease transactions, totalingmore than 186,000 square feet with a value of nearly $48 millionwithin Broward County during the first quarter of 2019.