Warehouse is growing in Broward and Palm Beach. JLL is beefing up its team there
Warehouses in Miami-Dade County can move aside.
Although Miami remains the darling of the South Florida industrial market, major players in the industrial real estate market are looking to expand in Broward and Palm Beach.
To get ahead of the curve, 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.
“Population, hospitality and tourism growth are increasing demand for industrial space in Broward. We’re also seeing Port Everglades keep growing,” Sheridan said. “And industrial demand in Palm Beach is home-building related.”
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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 continues to expand its industrial footprint in South Florida, launching a small bay division in January.
This story was originally published February 6, 2020 at 7:00 AM.
