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Bayfront Garage in Downtown Miami, sells for $25 million to a Canadian-based Investment Group

Colliers’ Urban Core Division represented the seller, Mishorim Real Estate Investments, in the transaction

MIAMI, FL | November 2, 2021 – As downtown Miami continues to emerge as the next saught after neighborhood in Miami-Dade County, Colliers’ Urban Core Division closed this week on the sale of a 247,000-square-foot garage located at 255 Northeast First Street. Executive Managing Director Mika Mattingly, Director Bradley Arendt and Senior Associate Cecilia Estevez of Colliers South Florida’s Urban Core Division represented the seller, Mishorim Real Estate Investments Ltd., in the $25 million sale that closed on Nov. 1. The buyer is Bayfront Partners US Limited Partnership, a Canadian-based investment group that acquired Bayfront Parking Garage as a pure income play with the possibility of future development.

“Downtown is finally awakening after a hundred-year slumber,” said Mattingly. “Out-of-state buyers have swarmed into downtown recently, drawn by its sky-is-the-limit height generous zoning, and its ‘hole in the doughnut’ location. They’re gobbling up the scarce inventory in downtown.”

Located at the geographic center of downtown Miami, the existing infrastructure currently operates as one of the largest public covered parking garages in downtown with over 247,000 square feet and 37,500 square feet of developable land. The property is situated across YotelPad and a block away from the proposed Waldorf Astoria.

The seller, Mishorim Real Estate Investments Ltd., a publicly traded company on the Tel Aviv Stock Exchange controlled by Alex Shnaider, purchased the parking garage back in 2018 for $18.25 million. This was their first investment of its kind in downtown Miami, after purchasing the retail at Centro together with Shai Ben-Ami from the Urban Core Group in 2016. Both acquisitions have proven to work extremely well for them. With the help from their local partner Shai Ben-Ami, Mishorim was able to transform the once dilapidated building into one of the most efficient garages in downtown with daily occupancy rates of over 97%. After implementing a number of improvements and management changes, Mishorim was able to nearly double the building’s income within just a year of the acquisition.

“The demand for parking is stronger than ever as the development pipeline continues to grow and more residents migrate to Downtown. The migration to Downtown Miami also brings a new wave of retail concepts, mainly Bars & Restaurants, which boost parking revenues on nights & weekends - typically during off-peak hours,” said Ben-Ami. 

 

Investor interest in South Florida is peaking, particularly among international buyers. Approximately 23% of land investments in downtown Miami were sourced to international investors in 2021, compared to 7.8% in Miami-Dade County. Furthermore, as the few opportunities left for development are sold, land sale volumes heightened in 2021. Year-to-date, approximately $200 million has been invested in land sites in downtown Miami, compared to $159 million in 2020 and $63 million in 2019.

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Mika Mattingly

Executive Managing Director - Urban Core

Miami

In 2016, I joined the South Florida offices of Colliers International, launching the firm’s Urban Core division.

As co-leader of this group, our team specializes in urban renewal, off-market sales, and assemblages across core South Florida neighborhoods.

With a strong foundation of building-level market data and a knack for navigating the complexities of urban zoning and approvals, I have established myself as the premier real estate expert in the Downtown Miami area. I have been a driving force behind the market transformation from a neglected business corridor to a revitalized destination for real estate investing and community.

Through my perseverance and keen eye for highest and best use, I have sold many of these cherished historical buildings - some of which had been left unused for years and will now be reenergized with an influx of capital and urban renewal efforts. These landmark buildings include the Old Post Office, Dade Commonwealth Building, Thomas Center and Courthouse Tower. 

Prior to Colliers, I was an instrumental player in major assemblages, including being the lead broker on behalf of investor Moishe Mana, who has acquired a major presence in downtown Miami. Since 2014, I brokered 53 transactions worth $306 million targeting commercial properties on East Flagler Street and surrounding areas.

I began my career in real estate in late 2006, learning the ropes on the tail end of Miami’s last boom. Always on the grind, I sold notes in the dry years that followed. When the market began to recover, I turned my attention to the emerging neighborhoods in Miami’s urban core. I became known for my keen intuition in pinpointing blighted areas that were poised for explosive growth, well before they were on the radar.

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Bradley Arendt

Director - Urban Core

Fort Lauderdale

As a member of the firm’s Urban Core division, I focus on all product types in dense urban areas throughout South Florida. 

I use my extensive background in mortgages, real estate investments, property acquisitions, management, and auctions to assist clients with their brokerage and business development needs. 

Prior to joining Colliers International South Florida, I was with Realty Masters Advisors (RMA) of Fort Lauderdale, where my team and I made a name for ourselves during the real estate downturn, having transacted over $500M worth real estate statewide. Most notably the Naples Square project, whereby I put together joint venture to purchase the 20-acre mixed-use downtown Naples development site from Regions Bank. Other notable transactions include: the Riverbend Walmart site on Broward Boulevard, several Flagler Village multi-family sites, a prime re-development project on Federal Highway in Fort Lauderdale and many other income-producing east Broward assets.  

Prior to moving to South Florida in 2010, I was on a business development team in the Chicago office of Sheldon Good & Company. Our team focused on the accelerated disposition of assets during the real estate downturn of primarily excess developer inventory within condominium, townhome, and single-family projects all throughout the eastern half of the country, totaling more than $50 million.

In 2004 I was integral part of a boutique start-up real estate investment company which focused on the buying and selling of residential properties in Florida, Illinois, California and Arizona.

I am licensed in Florida and Illinois as a real estate broker and a member of the National Association of REALTORS®.

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Cecilia Estevez

Senior Associate

Miami

As an Associate, I work directly with the growing Urban Core division, preparing research and analysis of the team's niche neighborhood data, including rate trends, zoning, comps and due diligence. I also provide support on a variety of marketing and business development initiatives.

Prior to joining Colliers, I was a Leasing Coordinator and Project Manager for Great American Land Management, Inc., where I worked on a team overseeing the property management of more than one million square feet of retail space and assisted in the property marketing and lease documentation of the space. As a Leasing and Market Research Intern for ACRE in Orlando, FL, I analyzed market conditions and researched new business opportunities in conjunction with prospect outreach. 

I am bilingual in Spanish and hold a Florida Real Estate Sales Associate License. Additionally, I bring experience on a multitude of industry platforms, including Xcelligent, Salesforce and ARGUS.

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