JLL Income Property Trust Pays $16M for Chicago Parking Garage
- Jan 30, 2015
Jones Lang LaSalle Income Property Trust Inc. recently completed the purchase of Ohio Ontario Self Park, a 336-stall parking garage in Chicago’s River North area. According to a news release, the purchase price for the property was $16.9 million, with an estimated capitalization rate based on a purchase price of 6.7 percent.
The six-story parking garage sits at the base of the Millennium Centre, a 59-story, 364-unit luxury condominium tower located at 33 W. Ontario St. Conveniently located just blocks away from Chicago’s Magnificent Mile, the garage has entrances accessing both Ohio and Ontario streets, and provides easy access to Kennedy Expressway.
“This investment furthers our diversification objectives and offers JLL Income Property Trust stable cash flow, with strong potential to increase revenue by closing the gap on submarket parking rates and taking advantage of the location’s robust demand from a growing residential, hotel, office, retail and entertainment supply,” said Allan Swaringen, president & CEO of JLL Income Property Trust.
JLL Income Property Trust also entered into a lease agreement recently with a subsidiary of Vancouver-based Imperial Parking, one of the largest parking facility managers in North America.
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