JLL Hires Veteran Broker As Executive VP For Industrial Leasing In Broward, Palm Beach

Feb 06, 2020 No Comments by

Chicago-based, commercial real estate firm JLL has hired veteran broker Peter Sheridan as its executive vice president for industrial leasing services in Broward and Palm Beach, according to JLL’s South Florida managing director and industrial head Brian Smith.

Sheridan joined JLL Tuesday after Prologis, a JLL client, acquired his former employer Liberty Property Trust.

The Broward-Palm Beach team is expected to add another four people in the next few years, Sheridan said.

 

“We will probably hire one employee immediately and another in 12-to-18 months.”

Institutional players including Prologis, BlackRock and Black Creek Group are planning development projects in the two counties, said Sheridan. His team will primarily lease spaces on behalf of institutional players as well as small, family-owned industrial owners. Most landlords are looking to fill between 20,000 square feet and 50,000 square feet.

Sheridan started in commercial real estate in 1984 as a broker. He joined Liberty Property Trust in 2014 as the company’s senior director of leasing and development, overseeing marketing and leasing for existing and new industrial projects. Prior to Liberty Property Trust, he worked at JLL, leasing office space in Broward and Palm Beach.

He returned to JLL after interviewing with at least four other competitors. The company’s industry expertise, software tools and market data sealed the deal.

Sheridan brings a portfolio of 4.9 million square feet in industrial warehouse space in Broward and Palm Beach ready to be leased, including in Sunrise, Dania Beach, Medley and West Palm Beach.

JLL launched a Small Bay Division last month, expanding its industrial footprint in South Florida.

JLL’s newly formed specialty practice focuses 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 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 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.”

 

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News, NA, Palm Beach County Industrial / Flex
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