The Real Deal Miami

Israeli firm to buy SunTrust parking garage in downtown Miami for $18M

Crocker Partners sold the SunTrust International Center for $127M in May
By Chava Gourarie | September 12, 2018 04:30PM

Gil Blutrich

UPDATED, Sept. 14, 2:10 p.m.: Crocker Partners plans to sell a parking garage near the SunTrust International Center in downtown Miami to Tel Aviv-based Mishorim Development Group for $18.5 million, according to documents filed with the Tel Aviv Stock Exchange.

Crocker Partners bought the 31-story SunTrust building and the seven-story garage for a combined $82.4 million in 2011, according to property records. In May, it sold the office tower at 1 Southeast Third Avenue to PCCP for $127 million after completing a $13.5 million renovation.

The nearly 247,000-square-foot, 756-space garage at 255 Northeast First Street sits on a 37,500-square-foot lot. The buildable square footage totals 1.35 million square feet.

Mishorim, run by Gil Blutrich and Alex Schneider, also owns the ground-floor retail condo at the nearby 37-story Centro at 151 Southeast First Street. Blutrich and local partner Shai Ben Ami of Sterling Equity bought the 4,350 property for $2.65 million in 2016.

The parking garage was marketed by Cushman and Wakefield, which declined to comment.

Mishorim and Crocker Partners were not immediately available for comment.

An earlier version of this story incorrectly identified the square footage.