Mishorim Investments Acquired the 0.86-Acre Property at 255 NE First St.
MIAMI, October 24, 2018 – Cushman & Wakefield has arranged the sale of a seven-story, 756-space parking garage in downtown Miami for $18.25 million to Mishorim Investments. At 255 NE First St., the 257,712-square-foot garage is situated on 0.86 acres and possesses significant redevelopment potential.
Robert Given, Errol Blumer, Troy Ballard and Steve Aiken, with Cushman & Wakefield’s South Florida Multifamily Team represented Crocker Partners, a commercial real estate investment firm headquartered in Boca Raton, Florida, in the disposition. The buyer, Mishorim Investments, invests in a variety of commercial asset types in the United States and Israel, and owns several retail/mixed-use properties in Florida, including the ground-floor retail component of Centro Miami.
Situated adjacent to the First Street MetroMover Station, the property offers exceptional accessibility throughout downtown Miami and is surrounded by more than 6 million square feet of office space, 9.2 million square feet of retail and over 40,000 residential units. It is conveniently located near the Miami-Dade County and Federal courthouses, Bayside Marketplace, Bayfront and Museum parks, the $4+ billion mixed-use Miami Worldcenter development and the brand-new MiamiCentral.
The overall purchase price of $18.25 million includes an existing loan assumption of a $4.3 million note. The property’s underlying zoning of T6-80-O, the most versatile zoning designation in Miami’s urban core with upwards of 1,000 units per acre density, allows for the development of a multitude of uses including high-rise residential, hospitality, office and retail.
“The buyer intends to operate the property as a parking garage in the near-term, with long-term plans to either go vertical themselves or look for an operating partner to maximize the underlying zoning rights,” said Blumer.
Added Given, “This site is situated in the heart of downtown Miami and offers a stable source of income with strong upside potential.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Blumer, Ballard and Aiken, as well as Zachary Sackley, Neal Victor, Calum Weaver in South Florida; Luis Elorza and Brad Capas in West Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Crocker Partners
Active in the commercial real estate business for over 25 years, Crocker Partners, LLC has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, Crocker Partners has acquired and managed over 149 properties, totaling 44.3 million square feet and representing $5.2 billion invested. They are currently Florida’s largest office landlord and ranked #46 on the list of top office owners globally. Their corporate headquarters is located in Boca Raton, Florida with regional offices in Miami, Jacksonville, and Atlanta.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida