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Tenant Rep Firm Brings 24,000 SF Tenant To Doral, Renews 108,000 SF

Stephen Levine, Managing Director at Savills Studley‘s Miami office, completed a transaction on behalf of Next Plumbing Supply, one of the leading independent plumbing supply distributors in the State of Florida.

The 24,000-square-foot facility, to be located at Beacon Centre, a 780,000-square-foot industrial park in Doral, will be the company’s fourth site in South Florida. The space will serve as a new distribution hub to service Next Plumbing’s expanding client base and features a showroom and convenient customer access to material pickup.

Stephen Levine

Stephen Levine

Levine also represented Baring Industries, Inc. in the early restructure and renewal of its 24,889-square-foot lease located within the Port 95 Business Park in Fort Lauderdale. Baring Industries Inc. is a company that plans, designs, constructs and purchases materials for kitchens, hotels and universities. On behalf of the client, Mr. Levine was able to negotiate a reduction to the client’s existing lease obligation and a tenant improvement package to refresh the company’s interior. The agreement also provided for an improved economic rental structure moving forward.

Additionally, Levine, in cooperation with his colleagues from the Savills Studley Industrial Group’s Hackensack NJ office that includes Adam Petrillo, Thomas Carragher, Senior Vice President and the firm’s senior-most industrial broker, and Managing Director, Craig Engelhardt, assisted Kassatex with an early restructure and renewal of its lease. Kassatex, a provider of high-end bed and bath collections, currently occupies a 83,000-square-foot space, at the Flagler Station industrial park located in Medley.

The Group performed a significant amount of strategic planning in the evaluation of the client’s current distribution system and supply chain, fuel costs and other logistical concerns and the overall real estate footprint. After a thorough analysis of multiple markets, the client determined that the lowest cost and best overall economic alternative was to remain in the South Florida area. The ultimate transaction resulted in aggregate annual occupancy cost savings exceeding 27 percent per year over the course of its new lease.

Shay Coker

Shay Coker

In addition to its growth around the U.S., Savills Studley’s National Industrial Services Group has also strengthened its market presence in the South Florida region with the recent addition of industrial services pro Shay Coker as a managing director. Coker will be help grow the industrial services line and will lead the Miami office’s cross-border transactions with Brazil, Mexico, Columbia and the west of Latin America. A native English speaker, Coker is also fluent in Portuguese and Spanish. In addition to this role, he will also collaborate with other members of the Miami office who regularly engage in transactions in all major markets across the US.

“We are very pleased with the progress our professionals have made in the South Florida region,” said Petrillo. “They have an innate ability to recognize the unique challenges befalling end-users of industrial space, translate those challenges into opportunities, and execute solutions reflective of each end-user’s objectives.”

Adam Petrillo, Managing Director, spearheads the expansion of the firm’s Industrial Services Group in the United States and Canada, a practice group which provides the firm’s long-standing and new industrial clients with supply chain management and logistic strategies that yield superior financial results.

 

Source: CRE-sources