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