Wednesday, May 7, 2014

HFF closes sale of Ingraham Garage in downtown Miami, FL


Luis Castillo
MIAMI, FL – HFF announced today that it has closed the sale of the Ingraham Garage, a 630-space parking garage and retail building in downtown Miami.

HFF marketed the property on behalf of Miami Parking Ventures, LLC.  A client advised by LaSalle Investment Management purchased the property free and clear of existing debt.

In addition to 630 parking spaces, the Ingraham Garage also includes 14,447 square feet of ground-floor retail space.  

The property is located in Miami’s central business district at 225 SE 2nd Street, within walking distance of Bayfront Park and across the street from the Metropolitan Miami complex, the location of a new Whole Foods that is part of the ongoing Met 3 development.

The HFF investment sales team representing the seller was led by managing director Luis Castillo along with executive managing director Manny de Zárraga, associate director Jorge Portela and senior real estate analyst Scott Wadler. 

“Freestanding parking garages are scarce in our market and rarely offered for sale, which made the Ingraham Garage a highly coveted opportunity,” said Castillo.

Manny de Zarraga
Miami Parking Ventures, LLC is controlled by Osprey Investment Company, LLC, which was formed in 2005 and is the capital markets and acquisition arm of the Osprey Group of Companies.

 Osprey is a full service real estate firm that owns and manages approximately 4.5 million square feet of commercial and industrial properties throughout Michigan, Florida, North Carolina and suburban Washington, D.C.

LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $48 billion of assets under management of private and public property equity investments.  

LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and its clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.  For more information, visit www.lasalle.com.
  
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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com




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