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| Buddy's Parking, Chicago, IL |
CHICAGO,
IL (Feb. 23, 2015) – Capital Square Realty Advisors, LLC announced today that
its Delaware Statutory Trust investment offering, CSRA Chicago Parking I,
DST, comprised of two parking garages in downtown Chicago, has been fully
subscribed by investors.
The portfolio was acquired in partnership with Century
Parking Group.
“This
DST portfolio provides investors the opportunity to participate in the ownership
of a unique real estate sector that can provide steady income and inflation
protection, as parking rates can be readily adjusted, unlike other commercial
real estate asset classes,” said Louis Rogers, founder and chief
executive officer of Capital Square Realty Advisors.
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| Louis Rogers |
“The
parking garages are 100 percent leased to Buddy’s Parking, a local
parking operator, and are located in heavily trafficked districts of downtown
Chicago with high barriers to entry.
"They also benefit from their proximity to
numerous retailers, restaurants, office buildings and residential towers either
on site or within walking distance.”
The
first parking facility, 100 E. Walton St., is a seven-story valet parking
garage that is part of a mixed-use development containing retail and office
space, and 31 floors of individually owned condominiums.
Centrally located
adjacent to Michigan Avenue in Chicago’s Gold Coast historic shopping and
dining district, the property is directly across from Bloomingdale’s and in
walking distance to many fashion retailers and restaurants.
The Illinois
Department of Transportation reported an average daily count of 37,900
passenger vehicles along North Michigan Avenue.
Also
included in the portfolio is 1 N. Halsted St., which is part of a 38-story
mixed-use development known as Skybridge.
The property is located in Chicago’s
West Loop neighborhood, near multiple condo, hotel and office development
projects.
Whole Foods currently leases the ground floor of the property, and is
expected to open its doors in 2015.
The Illinois Department of Transportation
reported an average daily count of 21,000 passenger vehicles along North
Halsted Street.
For
a complete copy of the company’s news release, please contact:
Julie
Leber
Spotlight
Marketing Communications
949.427.5172,
ext. 703
509-338-5676
- cell
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