Miami Beach parking garage lease sells for $22M

Miami /
Jan.January 31, 2014 09:45 AM

One month after the City of Miami Beach passed on the opportunity to acquire the ground lease for the Pelican Garage, a subsidiary of Jones Lang LaSalle Income Property Trust stepped in and purchased the lease for more than $22 million, The Real Deal has learned.

Jones Lang subsidiary LIPT Collins Avenue bought the lease for the 1027 and 1041 Collins Avenue parking garage on Tuesday, according to Miami-Dade County records. Seller Pelican Investment Holdings, a company tied to Miami-based Fort Capital Management, filed a lease assignment with the county that was recorded Wednesday. The lease with the city, which owns the land, began in 1999.

The city had a right of first refusal to buy the lease, but commissioners voted last month to decline it. Miami Beach would have needed nearly 15 years to recoup its investment if it moved forward with the purchase, according to last month’s resolution. It received a $250,000 settlement from Pelican Investment as part of the transaction. — Eric Kalis


Related Articles

arrow_forward_ios
Ronny Finvarb with rendering of plans for a new project in Sunset Harbour (Finvarb Group, Getty)
Ronny Finvarb proposes new resi project in Sunset Harbour
Ronny Finvarb proposes new resi project in Sunset Harbour
Lennar Corp.’s Stuart Miller with a rendering of the property
Stuart Miller plans yet another Star Island mega manse
Stuart Miller plans yet another Star Island mega manse
2201 Collins Avenue (Google Maps)
Zaha Hadid’s former W South Beach condo sells — again
Zaha Hadid’s former W South Beach condo sells — again
Montford Group' Sunju Patel and Opterra Capital Glenn Alba with 2940 Collins Avenue (Montford Group, Getty)
Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
Joseph Chetrit and The Tides South Beach (Getty, The Tides South Beach)
Chetrit’s lender scores victory in South Beach hotel foreclosure
Chetrit’s lender scores victory in South Beach hotel foreclosure
6345 Collins Avenue (Colliers)
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
Inside RH’s plans for $100M renovation of Miami Beach hotel
Inside RH’s plans for $100M renovation of Miami Beach hotel
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...