LAZ Buys Three Downtown Cincinnati Parking Garages
- Nov 01, 2014
LAZ Parking has acquired three parking garages in downtown Cincinnati. The tportfolio includes 2,310 parking stalls.
Representing the first acquisitions in metropolitan Cincinnati for Hartford, Conn.-based LAZ, the properties are located at 609 Elm St., 36 E. 7th St. and 605 Plum St. CBRE Group Inc., which arranged the deal, said in a statement that the first two properties sold for a total of $24 million. The price of the third property was not disclosed. John Eckert, Scott Yards and Travis Likes of CBRE negotiated the transaction.
The parking garage at 609 Elm St. includes 680 parking spaces and 2,400 square feet of street-level retail space. Located directly below a Class A office building, 36 E. 7th Street includes 749 parking stalls on 13 levels, as well as 30,444 square feet of retail and office space.
The garage at 605 Plum Street has 890 parking stalls on five levels and 7,800 square feet of street-level retail space. LAZ plans to invest more than $1 million on upgrading the properties.
The revival of Cincinnati’s urban core, as well as the demand for parking, figured into LAZ’s decision to buy the properties, according to CBRE. “Downtown is in the midst of an unprecedented urban revitalization,”Eckert said. “New residential, retail, office and cultural developments, from The Banks to Over-the-Rhine, make downtown Cincinnati an attractive market for investors.”
Photo credit: CBRE