A seven-story, 756-space parking garage near SunTrust International Center in Miami's Central Business District has traded for $18.25 million.

Israeli real estate investment firm Mishorim Real Estate Investment Ltd. bought the garage at 255 NE First St. from Boca Raton-based Crocker Partners LLC, which has been selling some of its Miami holdings. The trade breaks down to nearly $74 per square foot and $24,140 per space.

In May, Crocker Partners sold the 31-story SunTrust office tower, some of whose tenants use the newly traded garage a block north, for $127 million to real estate finance and investment management firm PCCP LLC. In September, it was part of the joint venture that sold the 33-story Brickell City Tower, or Brickell Bayview, for $117 million.

As Crocker, which still owns the 34-story Citigroup Center east of Biscayne Boulevard, unloads its Miami assets, Mishorim is entering the market.

The garage deal, which closed Monday, is Mishorim's second investment here. Two years ago it bought a 4,350-square-foot retail space at the Centro residential tower at 151 SE First St.

Mishorim will renovate the garage, including painting it and adding more lights, CEO Daniel Leventhal said in an email.

Still, he added, Mishorim is looking into redevelopment.

The site has development rights for potential buildable space of 1.35 million square feet for up to 860 residential units. The existing garage with access to Northeast First and Second streets measures 247,000 square feet.

It remains unclear if parking fees will increase or what type of redevelopment might be done. Leventhal said he can't speak to either as Mishorim just closed the deal.

“We will be improving the parking service and the lot look and feel will improve significantly, but there is no intention for parking fees to be more expensive than common fee in that area,” he said.

Mishorim, which is traded on the Tel Aviv Stock Exchange, has investments in Israel, Canada and the U.S. It focuses on value-add assets, or assets whose value could be increased after renovation or re-tenanting.

Its other Florida properties include the 218,600-square-foot Regency Court retail center in Jacksonville and the 116-unit Waterside at Coquina Key apartment development in St. Petersburg, according to Mishorim's website.

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