Investment Summary

Cushman & Wakefield, Inc. has been retained as exclusive advisor and agent to offer for sale to qualified investors the 100% fee simple interest in Cityfront Plaza Garage, a five-level, 313-stall, institutionally developed and maintained structured parking garage facility located at 240 East Illinois Street in downtown Chicago, Illinois. Strategically situated in the Streeterville neighborhood, one of the city’s most heavily trafficked corridors, Cityfront Plaza Garage draws primary demand from transient parkers across a diverse mix of urban uses and attractions as well as a meaningful monthly parker base offering stable year-round occupancy and cash flow. The Property is professionally operated by Metropolis, one of the nation’s leading technology-driven parking management platforms who acquired SP Plus Corporation in 2024, becoming the largest parking operator in North America.

Investment Highlights

1.

2.

3.

4.

5.

6.

RARE URBAN PARKING ASSET IN HIGH-DEMAND LOCATION

CASH FLOW STABILITY VIA MULTIPLE DEMAND PILLARS & YEAR-ROUND OCCUPANCY

UNMATCHED OPERATOR WITH TECHNOLOGY-DRIVEN MANAGEMENT PLATFORM

TRANSIENT-DOMINANT REVENUE PROFILE + BUILT-IN REPRICING CAPABILITY

INSTITUTIONALLY DEVELOPED & MAINTAINED INFRASTRUCTURE

ATTRACTIVE IN-PLACE DEBT ASSUMABLE BY QUALIFIED BUYER

Property Summary

Year Built / Year Renovated

2006 / 2023

Parking Levels (Owned)

5

Gross Building Area

Total Stalls

118,525 SF

313

Asset Type

Multi-Level Structured Parking Garage Facility

Primary Demand

Transient

Garage Operator

Metropolis Technologies (Acquired SP Plus Corporation in 2024)

Access Points

Upper Illinois Street (Entry & Exits); Grand Avenue - Entry Only

Parking Technology

License plate recognition (LPR) technology via Artificial Intelligence (AI) & computer vision which power a checkout-free, frictionless parking experience

Photo Gallery

Investment Sales

CODY HUNDERTMARK

Co-Head of Midwest Investment Sales

+1 312 338 7865

cody.hundertmark@cushwake.com 

TOM SITZ

Co-Head of Midwest Investment Sales

+1 312 338 7866

tom.sitz@cushwake.com 

ZACH BROWN

Senior Associate

+1 312 422 0642

zachary.brown@cushwake.com

KELSEY BERRY

Director

+1 312 424 8069

kelsey.berry@cushwake.com

JEREMIAH OLSEN

Director

+1 312 338 7868

jeremiah.olsen@cushwake.com

Debt Placement

JEFF ALTENAU

Vice Chair

+1 312 470 2355

jeff.altenau@cushwake.com

ZACH YARNOFF

Managing Director

+1 312 424 8205

zach.yarnoff@cushwake.com