{"id":1004112315,"date":"2015-01-29T18:12:07","date_gmt":"2015-01-30T02:12:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=320218"},"modified":"2022-12-05T05:38:15","modified_gmt":"2022-12-05T13:38:15","slug":"jll-income-property-trust-pays-16m-for-chicago-parking-garage-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-income-property-trust-pays-16m-for-chicago-parking-garage-2\/","title":{"rendered":"JLL Income Property Trust Pays $16M for Chicago Parking Garage"},"content":{"rendered":"<p><em>By Ioana Neamt, Associate Editor<\/em><\/p>\n<div id=\"attachment_320219\" class=\"wp-caption alignleft\" style=\"width: 160px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/09_big.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-320219\" title=\"09_big\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/09_big.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">33 W Ontario St<\/p>\n<\/div>\n<p>Jones Lang LaSalle Income Property Trust Inc. recently completed the purchase of Ohio Ontario Self Park, a 336-stall parking garage in Chicago\u2019s River North area. According to a news release, the purchase price for the property was $16.9 million, with an estimated capitalization rate based on a purchase price of 6.7 percent.<\/p>\n<p>The six-story parking garage sits at the base of the Millennium Centre, a 59-story, 364-unit luxury condominium tower located at 33 W. Ontario St. Conveniently located just blocks away from Chicago\u2019s Magnificent Mile, the garage has entrances accessing both Ohio and Ontario streets, and provides easy access to Kennedy Expressway.<\/p>\n<p>\u201cThis 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\u2019s robust demand from a growing residential, hotel, office, retail and entertainment supply,\u201d said Allan Swaringen, president &amp; CEO of JLL Income Property Trust.<\/p>\n<p>JLL Income Property Trust also entered into a lease agreement recently with a subsidiary of Vancouver-based Imperial Parking, one of the largest parking facility managers in North America.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/wikimapia.org\/#lang=ro&amp;lat=46.766700&amp;lon=23.600000&amp;z=12&amp;m=b\">Wikimapia.org<\/a><\/em><\/p>\n<p><strong><a href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-tech-industry-driving-chicago-real-estate-market-2\/1004109803.html\">Click here<\/a><\/strong> for more market data on <strong>Chicago.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jones Lang LaSalle Income Property Trust, Inc. has recently completed the purchase of Ohio Ontario Self Park, a 336-stall parking garage in Chicago&rsquo;s River North area.<\/p>\n","protected":false},"author":192,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004112315","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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