Excerpt from CRE South Florida Sources, South Florida’s Commerical Real Estate News

Power Systems MFG., LLC, a global multi-OEM industrial gas turbine service provider under parent company Hanwha Impact, has signed a 10-year lease for 185,000 square feet at the South Florida Gateway Distribution Center in Stuart, valued at over $22 million.

Colliers’ Executive Vice President Michael Falk and Associate Jonathan Temple represented the tenant in the lease transaction. Cushman & Wakefield’s Matthew McAllister and Eric Cantor represented the landlord, Foundry Commercial, in the negotiations. Additionally, Colliers’ Executive Managing Director Gregg Main-Baille and the Florida Development Services Group will provide construction management services for tenant improvements.

“It was a pleasure working with a dynamic group of individuals at PSM who understood the process and were focused on meeting their real estate requirements,” said Falk. “Connecting them with a developer who has crafted sophisticated finishes for similar firms also helped streamline the transaction.”

“This was a tremendous win for all parties involved in this transaction. Martin County was incredibly helpful throughout the process and was an integral part of landing PSM in Stuart. A special thank you to Foundry Commercial, Stockbridge, Colliers, PSM, and everyone else who assisted along the way. Our team looks forward to bringing this project to full occupancy,” said McAllister, Managing Director at Cushman & Wakefield.