Israeli Firm In Contract To Buy Downtown Parking Garage, Could Be Redeveloped

A 756-space downtown Miami parking garage is in contract to be sold to Mishorim, an Israeli real estate company.

The seven-story garage has been used for the SunTrust International Center office tower, but is no longer needed by office tenants, a source told the SFBJ.

The .86-acre property has been marketed as a potential redevelopment site. It has the most intense zoning possible in downtown Miami, and allows a building of up to 1,049 feet. The Yotelpad development site is across the street.

Mishorim is paying $18.25 million, including $13.95 million cash and $4.3 million assumption of debt.

Cushman & Wakefield was the listing agent.