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Barings JV looking to sell Streeterville parking garage for $45M
The 475K sf garage is part of the River East Center retail, resi and hotel complex
UPDATED, 3:30 p.m., May 9: A joint venture of Barings Asset Management and Laz Parking Realty Investors is shopping the 475,000-square-foot parking garage at the River East Center in Streeterville.
The venture is seeking about $45 million for the four-level underground garage at 322 East Illinois Street, according to Crain’s. It bought the garage for $38.6 million as part of a 2016 deal in which New York-based Madison Capital bought the River East Center retail complex.
The complex is anchored by an AMC movie theater and a Lucky Strike Entertainment bowling alley.
CBRE brokers Cody Hundertmark and Blake Johnson are representing the parking garage owners in the sale. [Crain’s] — John O’Brien
Correction: This story has been corrected to reflect the venture selling the garage.