JLL Capital Markets has arranged $13 million in acquisition financing for South River Industrial, a recently constructed, two-building multi-tenant industrial park totaling 170,000 square feet in Miami.
JLL worked on behalf of the borrower, California-based VLIETCO Enterprises, to place long-term, fixed-rate financing with a life insurance company for its $34.81 million acquisition.
South River Industrial is situated on approximately nine acres at 8200 NW 93rd St. less than five miles from Miami International Airport and within a 15-minute drive of South Florida’s other major demand drivers. The building allows for immediate access to US-27, State Road 826 and the Florida Turnpike, providing easy access to multiple critical distribution channels. Located within Medley, Miami’s third largest industrial market, the property benefits from exceptional connectivity, which has contributed to the submarket’s strong historical occupancy and rental rate growth.
Completed in 2020, the property features best-in-class finishes that include 32-foot clear heights, ESFR sprinkler system, oversized ramp positions on the end cap units, abundant parking and one dock position per 3,300 square feet. At funding, the property was 80 percent leased and nearing stabilization with several pending prospects.
“We see Florida as a major growth market that will experience an increase in value as the population continues to grow,” said Klaas F. Vlietstra with VLIETCO Enterprises. “The business-friendly environment coupled with an opportunity to purchase a best-in-class asset in a tight market made it a natural fit for an addition to our portfolio.”
According to JLL Research’s second quarter United States Industrial Outlook, the Miami Industrial market experienced lower vacancy in the second quarter of 2021, dipping to five percent. JLL anticipates demand for industrial space to remain above historical levels, which is driven by continued growth in e-commerce, logistics and an expanding economy.
The JLL Capital Markets team representing the borrower was led by Managing Director Melissa Rose, Associate Director Cody Brais and Analyst Maddy McMillen.
“I’m excited to be part of VLIETCO’s first acquisition in Florida,” Rose added. “With surging demand and a plethora of available capital, we are finding investors and lenders flocking to the South Florida market and expect to see these strong market fundamentals continue throughout the rest of the year.”
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