Printer-friendly version MIAMI, FL - February 5, 2014 – 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.
“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.
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL) and advisor to Jones Lang LaSalle Income Property Trust, 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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.