JLL expands industrial brokerage services focusing on small bay multi-tenant properties in South Florida
JLL announces expansion of industrial brokerage division serve the institutional demand for small bay, multi-tenant properties
Miami, January 23, 2020 – As the South Florida industrial market continues to outperform competing US markets, JLL announces the expansion of its industrial brokerage division to better serve the increasing institutional demand for small bay, multi-tenant properties.
JLL’s newly formed specialty practice will focus solely on multi-tenant facilities and industrial parks comprised of units ranging from 2,500 to 10,000 square feet, serving a variety of uses including wholesalers of HVAC parts, local cosmetic distributors, and flooring installers. The Small Bay Division is being led by JLL’s Brian Smith, Managing Director, along with partners Audley Bosch, Executive Vice President, and Matt Maciag, Vice President. The firm also hired Juan Mazuela as Senior Associate to support the growing practice. Previously, Juan helped spearhead leasing at PS Business Parks, a 1.3 million-square-foot industrial park in Doral.
The JLL South Florida team is well versed and very experienced in leasing, managing and overseeing improvements to these small bay multi-tenant properties.
“We have been leasing and managing small bay product for a long time now and have learned that it’s a totally different animal than the larger distribution spaces geared towards true logistics users. It requires a higher degree of management and speed is much more critical than with the larger occupiers. We are moving towards a vertical model where we can design, price and build space quickly for the smaller users all within our umbrella and under our team’s supervision. To do this you have to have scale and resources and our team continues to build around this model,” said Brian Smith, who also serves as JLL Industrial Lead for the region.
Of the approximately 11 million square feet of industrial space that the JLL team leases currently across South Florida, approximately 1.7 million square feet is considered “small bay”.
“By moving the small bay product into its own specialty practice, we can make the process more efficient and cost effective for our clients, which is the genesis for establishing this division,” added JLL’s Audley Bosch. “We are creating a one-stop shop led by an experienced and knowledgeable industrial real estate team with robust resources.”
JLL’s South Florida industrial team already serves a blue-chip roster of clients in the small bay specialty practice, including Brookfield Logistics, Link Industrial Properties and MDH Partners.
“JLL South Florida is a key partner for Link Industrial in growing our small bay portfolio down there. It’s a more intensive product type and we recognize the need for a cohesive team backed by resources to help us maximize value on these assets,” said Clifton Coffey, Managing Director of Southeast Investments for Link Industrial Properties.
With the investment in place, JLL aims to expand the practice by an additional 3 to 5 million square feet over the next few years.
“We are the first large firm to dedicate a practice to everything small bay,” said JLL Florida Market Director Tim Rivers. “It’s more evidence of the strength of JLL’s industrial practice statewide and of our commitment to evolving with the rapidly changing needs of large institutional clients.”
To learn more about the opportunities available, contact JLL’s industrial team at 305-960-8403.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.