Located in the heart of Cincinnati, the Tower Place parking garage is a newly renovated 7-story, 775-space facility directly adjacent to a 13-story, 520,000 square-foot tower, connected to a 561-room Hilton Hotel, and also across from a 491-room Hyatt Regency Hotel. The facility has a long-term, net lease in place with SP Plus Corporation (NASDAQ: SP), a Chicago company that owns Standard and Central Parking.
Acquisition of Property
|Address||400 Race Street
Cincinnati, OH 45202
|Acquisition Date||Dec. 09, 2014|
|Purchase Price||$15 million*|
|Building Height||7 Stories|
The Tower Place garage is located in the heart of Cincinnati, near a number of notable venues and businesses. Directly south of the garage, just a few blocks away, lies the Paul Brown Stadium, home of the Cincinnati Bengals (National Football League), the Great American Ballpark, home of the Cincinnati Reds (Major League Baseball) and the U.S. Bank Arena, home of the Cincinnati Cyclones (ECHL Professional Hockey League).
In addition to its close proximity to a number of sporting venues, the garage is centrally located near the U.S. District Court Clerk, the Cincinnati Convention Center, Cincinnati City Hall, the Hilton Hotel, the Hyatt Regency Hotel and a number of other professional offices and retail centers nearby.
*MVP REIT OWNS AN APPROXIMATE 70% INTEREST IN THE CINCINNATI PARKING GARAGE.
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