CHICAGO—Downtown parking garages don't come up for sale veryoften, but the Sterling Collection, a combinationgarage and retail property in River North, just hit the market, andalthough JLL officials, who will act as advisorsto its owners, won't disclose how much they think it will fetch,they obviously have high hopes.

Much like its counterparts in New York, Los Angeles, SanFrancisco and Boston, “Chicago's downtown has a lack of supply whenit comes to parking garages,” Matthew J. Berres,vice president of JLL, tells GlobeSt.com. And in River North,“there was already a limited amount of parking for its buildings,even before corporations and law firms began leaving the Loop andjumping over the river.”

The neighborhood has a vacancy rate of about 4%, and as aresult, “this parking garage has been in very high demand," hesays. "It has seen an average of 8% revenue growth over the pastdecade, and in the last 36 months, it has seen 12% year-over-yeargrowth.” And the recent arrival of Motorola in thenearby Merchandise Mart will only further tightenthe busy district.