CHICAGO (Oct. 7, 2014)– Capital Square Realty Advisors, LLC announced today that it has formed a partnership with CENTURY Parking Group to acquire parking facilities. The partnership has acquired CSRA Chicago Parking I, DST, comprised of two parking garages in downtown Chicago. The facilities are 100 percent leased to Buddy’s Parking.
“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,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “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, 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.
“We are very pleased to acquire these parking assets in an off-market transaction,” said Brian A. Sidman, principal of CENTURY Parking Group. “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 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.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.