CHICAGO—Chicago's downtown has a lack of supply when it comes to parking garages, and such properties don't come up for sale very often, but Capital Square Realty Advisors, LLC has just formed a partnership with CENTURY Parking Group to acquire two parking facilities in an off-market transaction. The partners acquired CSRA Chicago Parking I, DST, comprised of two parking garages in downtown Chicago. Both are 100% leased to Buddy's Parking. The terms were not disclosed.
“We're excited to add parking facilities to our platform through a trusted partnership. These parking garages are well-located within established and heavily trafficked districts of downtown Chicago that have high barriers to entry for new parking areas and facilities,” says Louis Rogers, founder and chief executive officer of Capital Square. “The parking garages benefit from numerous major retailers, restaurants, office buildings, luxury hotels and condominiums that are on-site or within close walking distance of the property.”
The first parking facility is a seven-story valet parking garage at 100 E. Walton St., part of a mixed-use development containing retail and office space, and 31 floors of condos. Centrally located next to Michigan Ave. in the Gold Coast shopping district, the property is directly across from Bloomingdale's and in walking distance to many retailers and restaurants. The Illinois Department of Transportation reported an average daily count of 37,900 passenger vehicles along N. Michigan Ave.
“We are very pleased to acquire these parking assets in an off-market transaction,” says Brian A. Sidman, principal of CENTURY. “Chicago's population and job growth position these assets to benefit in the years ahead. CPG is partnering with Capital Square Realty Advisors to bring our parking portfolio plan to market.”
Also included is a garage at 1 N. Halsted St., part of a 38-story mixed-use West Loop development known as Skybridge. The property sits near multiple condo, hotel and office development projects. Whole Foods currently leases the ground floor of the property, and company officials expect to open its in 2015. The IDOT reported an average daily count of 21,000 passenger vehicles along N. Halsted St.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
