MIAMI—For all the talk about Downtown Miami's walkable community, there's still a huge demand for parking. That's partly what made the Ingraham Garage so attractive to its new owner.

HFF just closed the sale of the 630-space parking garage and retail building in Downtown Miami. HFF represented the seller, Miami Parking Ventures. A client advised by LaSalle Investment Management purchased the property free and clear of existing debt.

“Freestanding parking garages are scarce in our market and rarely offered for sale, which made the Ingraham Garage a highly coveted opportunity,” says HFF managing director Luis Castillo. He worked on the deal along with HFF executive managing director Manny de Zárraga, associate director Jorge Portela, and senior real estate analyst Scott Wadler on the deal.

Parking aside, Ingraham Garage also includes 14,447 square feet of ground-floor retail space. The retail-parking garage is located in Miami's central business district at 225 Southeast 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.