MIAMI-Flagler is reporting that it closed more than 1.3 million square feet of leases against 75 transactions in the first quarter of 2011. The firm also closed 650,262 square feet of property sales in the period. Coming on the heels of a strong performance from the fourth quarter of 2010, the nearly 2 million square feet of deal flow marks Flagler’s strongest first quarter showing in three years.

Wayne Schuchts, a senior vice president at Flagler, tells GlobeSt.com there are several reasons for the flood. Most of Flagler’s first quarter activity comes from a rebounding Miami industrial market. Flagler reported 1.07 million square feet of industrial leases for the period.

Beyond the overall industrial market recovery, Schuchts points to corporations with cash reserves and strong stocks as a factor in the deals. In some cases, the timing of the lease expirations worked to Flagler’s advantage. But Schuchts admits he doesn’t expect a repeat in the second quarter.