CINCINNATI—Over the past year, Kingsley Wells Enterprises transformed downtown’s former Tower Place Mall into Mabley Place, a 775-space parking garage. Although the developers finished the project just last October, they have already secured an anchor tenant to run the garage and just sold it to MVP REIT, Inc., a San Diego-based trust, for $15 million, illustrating the CBD’s solid reputation. The new seven-level garage, located at 418 Race St., also has about 8,400-square-feet of retail space.

Joseph Merrill Capital, a New York-based firm, structured a $9 million acquisition loan for the purchase. “It’s a long-term investment with a predictable cash flow in a fundamentally sound CBD,” James J. Rizzi, managing principal, tells “It’s a good long-term play.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.