News release

Investor enters Florida market with $34.81M Miami industrial buy

JLL Capital Markets arranged $13M in acquisition financing for VLIETCO’s purchase of two industrial buildings totaling 170,000 SF

August 23, 2021

MIAMI, August 23, 2021JLL Capital Markets announced today that it 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, Florida.

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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit


VLIETCO Enterprises is a privately held real estate investment and development company founded in 2001. VLIETCO’s varied expertise and simple structure enables the flexibility to look at a wide variety of investment opportunities and enter into innovative deal structures. As a privately held and closely managed company, VLIETCO Enterprises is capable of acting quickly to take advantage of new opportunities.

VLIETCO is committed to a “build and hold” philosophy with a mission to create value for tenants, investors, lending institutions and the community by developing and managing quality real estate properties. VLIETCO operates through three main divisions: VLIETCO Industrial Properties, VLIETCO Capital and VLIETCO Residential Properties.