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News release

MIAMI, FL

Jones Lang LaSalle Completes More than 300,000 SF of Industrial Deals in Miami, FL, Valued in excess of $14 million


MIAMI, August 29, 2011 — Jones Lang LaSalle’s Miami-based industrial brokerage team has completed six significant industrial transactions in the past forty-five days covering more than 300,000-square feet and valued in excess of $14 million.

Jones Lang LaSalle Managing Director Steve Medwin, SIOR, CCIM, Vice President Nick Wigoda, and Executive Vice President Harry Wardell, SIOR, teamed up to represent tenants, landlords and sellers in six separate deals.

Representing the tenant:
  • Jones Lang LaSalle’s team represented plastic parts manufacturer National Molding in its 106,000-square-foot long-term lease renewal at 14427 NW 60th Avenue in Miami Lakes. 
  • In Miami’s Airport West submarket, the team handled negotiations for a national auto parts distributor which took 50,000 square feet of first-generation space developed and owned by Clarion Partners.
  • In Medley’s Flagler Station Business Park (at 10800 NW 103rd Street), the team represented logistics firm Countywide of Miami in a 40,000-square-foot expansion.

These transactions were valued in excess of $10 million.

Representing the landlord or seller:

  • Jones Lang LaSalle’s team represented, IndCor Properties, a Chicago-based affiliate of Blackstone Real Estate Advisors, in a 40,000-square- foot renewal at 10000 NW 17th Street within International Corporate Park. 
  • The team handled negotiations for seller, GE Capital, in the sale of a 12,500-square-foot flex/office building in Americas Gateway Park located at 8875 NW 23rd Street.
  • At Flagler Station Business Park, Jones Lang LaSalle’s team represented the landlord, Lincoln Advisors, in a 50,000-square-foot expansion for supply chain management specialist, Moduslink at the Medley Distribution Center.

These transactions were valued in excess of $4 million.

During the past four months, Jones Lang LaSalle has signed more than 160,000 square feet of leases with Moduslink which brings the 250,000–square-foot class-A Medley Distribution Center to 100 percent occupancy.

“During the past three quarters we have seen an increase in the number of tenants touring the market and signing deals for more space, said Jones Lang LaSalle Managing Director, Steve Medwin.  “Four of the six transactions were expansions or new companies moving into the market and two were renewals for the same square footage.”

“This trend is expected to continue as companies evaluate their business plans for the next few years and absorb additional space to accommodate their anticipated growth. This type of net absorption will further improve market fundamentals and lower the vacancy rate in Miami,” he concluded.

Jones Lang LaSalle has approximately 526 employees providing real estate expertise across all major markets in Florida including leasing, both tenant and landlord representation, property management, project and development services and investment sales. Jones Lang LaSalle’s leasing and management portfolio has more than doubled in the past year to 23 million square feet which includes some of the state’s most iconic buildings.  The firm was recently named one of ‘Florida’s Best Companies to Work For’ by Florida Trend magazine.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.