Parking Garage In Downtown Miami Trades For $18.25 Million

Oct 29, 2018 No Comments by

Mishorim Development Group LTD closed on the purchase of a parking garage near the SunTrust International Center in Downtown Miami.

Mishorim purchased the garage from seller Crocker Partners for $18,250,000.

The 247,000-square-foot garage, located at 255 Northeast First Street, is situated on a 37,500-square foot lot.  Buildable square footage for the site totals 1.35 million square feet, which includes zoning for 860 residential units.

Shai Ben Ami & Gil BlutrichLocal urban core real estate broker Shai Ben Ami represented Mishorim in the transaction, an entity led by CEO Gil Blutrich.  Crocker was represented by Cushman & Wakefield.

The deal closed October 22.

In August 2016, Blutrich and Ben Ami purchased a 4,350-square-foot retail space nearby at the 37-story Centro tower, marking the partnership’s first Miami acquisition. Five months later, they secured two lease deals at the Centro retail space which are believed to be among the highest retail rents for Downtown Miami, at $75.00 per square foot.

 

“Mishorim’s investment strategy focuses on locating value add commercial real estate investments and optimizing performance – this investment aligns perfectly with that strategy,” commented Ben Ami.  “With the incredible demand we experienced at Centro, we are confident that this asset will prove to be a tremendously successful investment as well.

Mishorim Development Group LTD is a publicly-traded company based in Israel with substantial holdings in Israel as well as the United States and Canada. Blutrich is the founder of Mishorim and has been in control of the company since its formation.

The company, which is based in Israel, has substantial holdings in Israel as well as the United States and Canada. Mr. Gil Blutrich is the founder of Mishorim and, together with Mr. Alex Schneider, are the controlling shareholders of the company.

 

 

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Industry News, Miami-Dade County Multifamily, Multifamily
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