Capital Square Realty Advisors Pulls in to a Parking Portfolio

Capital Square Realty Advisors (Capital Square) has cruised into a new space. The company, which specializes in DSTs and 1031 exchanges, has partnered with CENTURY Parking Group (CENTURY) to acquire parking facilities.

Together, the two companies have acquired CSRA Chicago Parking I, DST, which consists of two downtown-Chicago parking garages. Both facilities are 100% 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,” commented 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,” he added.

One of the facilities is located at 100 E. Walton St close to a number of attractions. Adjacent to Michigan Avenue, the property sits in Chicago’s Gold Coast, a historic shopping and dining district. The seven-story valet parking garage is directly across from Bloomingdale’s and within walking distance of many shops and restaurants. It is part of a mixed-use development that is comprised of retail and office space, as well as 31 floors of individually owned condominiums.

The other property in the portfolio is located at 1 North Halsted St. Part of a 38-story mixed-use development known as Skybridge, the property is situated in Chicago’s West Loop neighborhood, close to a number of condo, hotel, and office development projects. The ground floor of the property is currently leased to a Whole Foods that is expected to open in 2015.

“We are very pleased to acquire these parking assets in an off-market transaction,” said Brian A. Sidman, principal of CENTURY Parking Group, a firm that specializes in parking investments. He continued, “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.”

Both locations in the portfolio have thousands of passenger vehicles that pass by on a daily basis. According to the Illinois Department of Transportation, the Skybridge property experiences an average daily count of 21,000 passenger vehicles along North Halsted Street while the Walton Street property benefits from the daily count 37,900 passenger vehicles along North Michigan Avenue.