Business News • MarketWire • Jones Lang LaSalle Income Property Trust Acquires Miami Beach Parking Garage |
Jones Lang LaSalle Income Property Trust Acquires Miami Beach Parking Garage |
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Jones Lang LaSalle Income Property Trust Acquires Miami Beach Parking Garage
CHICAGO, IL--(Marketwired - Feb 5, 2014) - Jones Lang LaSalle Income Property Trust, Inc., (the "Company"), an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired South Beach Garage (locally referred to as Pelican Garage), a seven-level parking structure containing 340 parking spaces and 3,350 square feet of street level retail located in Miami Beach, FL. The retail space is 100 percent leased to a single tenant. The total purchase price was approximately $22 million with an estimated capitalization rate based on purchase price of 6.1 percent. The Company has engaged LAZ Parking, one of the largest parking operators in the U.S., to manage the garage.
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