Property details

Poetry Garage

Investment type

Value Add

Asset Class

Parking

Ownership Structure

Tenancy-In-Common (TIC)

Year Acquired

2002

Investment Summary

Located at the southwest corner of Madison and Wells Street in the Loop, the 385,310 square foot garage includes 1,165 parking spaces and 19,006 of ground floor retail. Syndicated acquired the property alongside Hammerschlag, one of the premiere parking operators in Chicago.

Syndicated structured its acquisitions as a Tenancy-in-Common to accommodate investors completing a Section 1031 Exchange.

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Property details

Walgreens Parking Lot

Investment type

Net Lease

Asset Class

Parking

Ownership Structure

Tenancy-In-Common (TIC)

Year Acquired

2011

Investment Summary

An 8,758 square foot surface parking lot leased to Walgreens (S&P: BBB), who operates a store on the adjacent parcel. Walgreens had initially planned for 35 parking spaces, which ultimately proved inadequate to serve its high volume of customers. The adjacent lot, which features a small retail building, was acquired and converted to its current use to provide an additional 27 parking spaces.

Syndicated structured its acquisition as a Tenancy-in-Common (TIC) to accommodate investors completing a Section 1031 Exchange.

Property details

58th Street Parking Garage

Investment type

Value Add

Asset Class

Parking

Ownership Structure

Joint Venture

Year Acquired

2022

Investment Summary

Syndicated invested alongside Centerpark in a 110-space, ground level parking garage condominium located at 58 West 58th Street in New York, New York. The Garage is part of a 34-story, 168-unit condominium building known as Tower 58, situated on the south side of West 58th Street just east of 6th Avenue in Midtown Manhattan.

Property details

34th Street Parking Garage

Investment type

Value Add

Asset Class

Parking

Ownership Structure

Delaware Statutory Trust (DST)

Year Acquired

2023

Investment Summary

The Property consists of a 92-space garage situated just off the intersection of East 34th Street and 1st Avenue.

The NYU Hospital corridor is located one block east of the Property and is comprised of the NYU Grossman School of Medicine, Tisch Hospital (300 beds, 66 operating rooms), Kimmel Pavilion (374 beds, 30 operating rooms), and the Hassenfeld Children’s Hospital (102 pediatric beds) and the Ronald O. Perelman Center for Emergency Services (NYU Langone Emergency Department).