The Real Deal Miami

Downtown Miami’s Ingraham Garage changes hands

LaSalle Investment's client picks up 630 parking spaces and ground-floor retail
By Eric Kalis | May 05, 2014 03:00PM

Ingraham Garage

Ingraham Garage

The Ingraham Garage in downtown Miami changed hands last week, The Real Deal has learned.

A client advised by LaSalle Investment Management purchased the 630-space parking garage, which includes 14,447 square feet of ground-floor retail space, according to HFF, which marketed the property on behalf of seller Miami Parking Ventures. HFF did not disclose the sale price. The transaction closed on Thursday and has not been recorded by Miami-Dade County.

The garage is located at 225 Southeast Second Street, near downtown’s Bayfront Park and across from the Metropolitan Miami complex.

Miami Parking Ventures is controlled by Osprey Investment Company, the capital markets and acquisition arm of the Osprey Group of Companies.

HFF managing director Luis Castillo represented the seller, along with executive managing director Manny de Zarraga, associate director Jorge Portela and senior real estate analyst Scott Wadler.

“Freestanding parking garages are scarce in our market and rarely offered for sale, which made the Ingraham Garage a highly coveted opportunity,” Castillo said.