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Parking garage under Streeterville cinema trades for $33M

322 East Illinois Street and Manuel M. Chavez III (Credit: Google Maps)

322 East Illinois Street and Manuel M. Chavez III (Credit: Google Maps)

A parking lot for a mixed-use building in Chicago sold to an Ohio-based asset management company for $33 million, Cook County records show.

The underground lot, located at 322 East Illinois Street, was owned by an entity affiliated with Barings Asset Management and Laz Parking Realty Investors. The lot previously sold for $38.6 million in 2016 as part of a larger deal, but the Barings-led JV originally listed the lot for $45 million [https://therealdeal.com/chicago/2018/05/02/madison-capital-looking-to-divide-and-prosper-in-downtown-again/] in 2018.

The 475,000-square-foot lot serves as a four-story parking structure for a mixed-use building that holds an AMC movie theater and luxury apartment units in Streeterville.

The buyer was identified as Ohio-based alternative asset manager Bombe LTD, founded by parking lot magnate Manuel Chavez.

Bombe financed the deal with a $26 million loan, according to records. The firm did not respond for comment for this story.

The post Parking garage under Streeterville cinema trades for $33M appeared first on The Real Deal Chicago.

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