ECU Worldwide’s lease renewal with landlord Realterm and institutional investors advised by J.P. Morgan Asset Management at 2401 NW 69th Street in Miami signals the resiliency of the South Florida industrial market.
Colliers International Florida’s Executive Managing Director Jonathan Kingsley and Director of Industrial leasing Ryan Goggins represented the tenant in the renewal. The 164,432 square-foot space has been the long-term location for ECU Worldwide, a 50-year-old company formerly known as Econocaribe Consolidators. The global leader in multi-modal transport and warehousing serves more than 2,400 direct Trade Lanes. Realterm’s Stephen Panos represented the landlord.
The renewal, which is for a little over 8 years, is valued at more than $10 million.
“This lease transaction speaks to the strength of the South Florida industrial market, as demand for space remains steady, despite the interruption of COVID-19,” Kingsley said. “As our economy continues to evolve and change, e-commerce and last-mile distribution are driving the need for more industrial space near urban cores.”
ECU Worldwide, a client of Kingsley for more than 30 years, required significant capital to update and upgrade the facility. The landlord provided the capital for improvements, in addition to flexible abatement.