Wednesday, February 5, 2014

HFF closes sale of Pelican Garage in Miami Beach, FL


Pelican Garage, 1021-1041 Collins Avenue, Miami Beach, FL

Luis Castillo
MIAMI, FL – HFF announced today that it has closed the sale of the leasehold interest in the Pelican Garage, a 340-space parking garage and retail building in Miami Beach, Florida.

HFF marketed the property on behalf of Pelican Investment Holdings, LLC.  An affiliate of Jones Lang LaSalle Income Property Trust purchased the property free and clear of existing debt.  

In addition to 340 parking spaces, the Pelican Garage also includes 3,350 square feet of ground-floor retail, which is 100 percent leased.  Completed in 2001, the garage is located at 1021-1041 Collins Avenue, one block from the beach and near numerous hotels, nightclubs, residential towers, retail destinations and entertainment venues.

The HFF investment sales team representing the seller was led by director Luis Castillo and managing director Jim Dockerty. 

“The opportunity to acquire an urban, infill parking garage with tremendous growth prospects is extremely rare in this market and made the Pelican Garage a highly coveted offering,” said Dockerty.

Jim Dockerty
“This transaction is HFF’s ninth in Miami Beach during the last two years representing more than $266 million in aggregate capitalization activity in that market,” added Castillo.

Jones Lang LaSalle Income Property Trust is a non-listed, daily valuation perpetual life real estate investment trust (REIT) that owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States.  

Jones Lang LaSalle Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.


 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

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