MIAMI—Pelican Garage, a 340-space parking garage and retail building in Miami Beach, has traded hands. Pelican Investment Holdings sold the leasehold interest in the garage to an affiliate of Jones Lang LaSalle Income Property Trust free and clear of existing debt.
HFF marketed the property on behalf of Pelican. HFF director Luis Castillo and managing director Jim Dockerty handled the transaction.
“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,” says Dockerty. Completed in 2001, the garage is located at 1021-1041 Collins Avenue, one block from the beach and near several hotels, nightclubs, residential towers, retail destinations and entertainment venues.
In addition to 340 parking spaces, the Pelican Garage also includes 3,350 square feet of ground-floor retail, which is 100% leased. Castillo says the 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.
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