Capital Square Realty Advisors Completes DST Investment Offering of Chicago Parking Portfolio
CHICAGO (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. “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.
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.