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
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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
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