Non-traded, daily valued perpetual life REIT Jones Lang LaSalle Income Property Trust, Inc. (the REIT), recently announced it acquired a six-story parking garage with 366 spaces for $16.9 million.
Ohio Ontario Self Park is located within a mixed-use development at 33 W. Ontario Street in Chicago’s River North submarket.
“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,” commented Allan Swaringen, President and CEO of JLL Income Property Trust.
The REIT, in conjunction with the purchase, entered in a lease with an Imperial Parking subsidiary. Imperial operates 2,600 parking facilities in 34 cities throughout the U.S. and Canada.