CHICAGO—MB Real Estate is pleased to announce that the firm’s Corporate Services group represented Gina B. Krol, Chapter 11 Trustee in the disposition of a 708-car garage at 33 W. Ontario in Chicago commonly known as Millennium Centre Parking.
The property is a 708-stall, fully-automated parking facility located in the vibrant River North area of Chicago, three blocks west of the Michigan Avenue. The public garage consists of 368 stalls located on floors three to eight and there are 340 deeded parking stalls located on floors nine-12. Jay Beadle, senior vice president and David Kimball, assistant vice president, MB Real Estate negotiated the sale of the parking structure to Chicago-based Parking Advisors, Inc. with a final sale price of $7.1 million.
“The Millennium Centre Parking facility is a well-maintained and strong income producing public garage,” said Beadle of MB Real Estate. “It’s situated in a high demand, 24-hour market where there is a restricted supply and prohibition on the development of new, stand-alone garages. In other words, this is a good investment opportunity and difficult to replace. We are confident that Parking Advisors will see a substantial ROI on their purchase.”
An owner and lessor of parking assets, Parking Advisors provides asset management, acquisition and advisory services to institutional owners of real estate. Parking Advisors’ principals, Mark Fancher and Kevin Dahm, have been directly involved in driving value across over $6.0 billion of parking assets located in every major US market. To find out more information about Parking Advisors, visitwww.parkingadv.com.
About MB Real Estate Services Inc.
Founded in 1982, MB Real Estate is a full-service real estate organization that provides multifaceted expertise in Asset/Facilities Management; Leasing Services; Project/Construction Management; Tenant Representation; and Investment Services. Headquartered in Chicago, with a regional office in New York City, MB Real Estate provides these services to corporations, institutions, professional organizations, private investors, and non-profit agencies.For more information, please visitwww.mbres.com.