Located in the heart of downtown Houston, Texas, this parking garage encompasses 90,750 square feet of space and 265 parking stalls. The garage is subject to a 10-year, double-net lease with revenue participation on gross receipts over a specific amount. The operator of the garage is iPark, a local Houston-based company.
Acquisition of Property
|Address||611 Fannin St
|Acquisition Date||May 28, 2015|
|Number of Spaces:||265|
The garage sits directly across from 609 Main Street, where a previous full-block parking garage is now the site of an approximate 50-story, 1,057,000 square-foot tower undergoing construction. Where it sits, the garage has direct access to all metro light rail lines on Capital Street. In addition, there are more than 1,000 hotel rooms within just two blocks of the property, and over 100 restaurants within walking distance.
With more than 2.2 million metro residents, the Houston metro area boasts the fourth-largest city in the U.S. Downtown, you will find a number of sights and attractions, including professional resident companies in ballet, opera, symphony, and theatre. The city is known as the Energy Capital of the World, and is called home by 25 companies on the Fortune 500 list.
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