Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key Facts

Building Area

Property Description

A 220 space parking garage attached to the newly constructed, 332-room Hyatt Centric and the intersection of 17th and Chancellor Streets in Center City Philadelphia. The Property provides investors a value-add opportunity with a parking condo that has been offline during the construction of the Property, and a new investor will benefit significantly from demand generation from the new Hyatt Centric development and transient parkers and pedestrians visiting nearby world-class retail, restaurants and arts & theater in Philadelphia’s Rittenhouse neighborhood.


Located in the heart of Center City Philadelphia, the Property benefits significantly from the rapid momentum the Center City District has generated over the last 10 years. The 3rd most populous downtown in the United States, Center City Philadelphia’s population has grown over 18% over the last 10 years, with over 37.5% of residents between ages 25 and 34. 


The Property is a generational investment opportunity to acquire parking supply in a market where 20% of the City’s supply has been removed from the market due to new development over the last 5 years. As Center City continues to experience a decrease in the use of public transportation due to the current social environment, vehicular commuting will be the preferred mode of transportation as visitors and employees continue to return to Center City Philadelphia. This increased demand, paired with reduced inventory of parking in Center City Philadelphia, provides investors an opportunity to acquire a value-add parking structure directly adjacent to significant demand generators in Philadelphia’s prestigious Rittenhouse neighborhood at a unique point in time as the United States nears emergence from the Covid-19 pandemic.

Investment Highlights

  • Value Add Opportunity to Acquire a 220-Space, Subterranean Parking Garage Directly Under the Newly Constructed Hyatt Centric Hotel
  • Located in Rittenhouse, Long Considered one of the Most Prestigious Neighborhoods in Philadelphia with Excellent Demographics and Upscale Retail and Dining
  • Scarcity of Parking Supply Due to Development Velocity in Center City Paired with Anticipated Increase in Demand with Vaccine Rollout and Return to Normalcy
  • New Construction with Lift Functionality, Operating Valet Service and Intrinsic Demand Drivers via 332-Key Hyatt Centric and Significant Retail and Dining Options Directly Adjacent to Property


Jim Galbally

Senior Managing Director

T +1 215 988 5551

james.galbally@am.jll.com


Chris Munley

Senior Managing Director

T +1 484 532 4207

M +1 609 610 1096

c.munley@am.jll.com


Paige Jaffe

Managing Director

T +1 215 988 5513

paige.jaffe@am.jll.com


Colin Behr

Senior Director

T +1 215 399 1819

M +1 215 896 4253

colin.behr@am.jll.com

Last Updated Date: 11 May 2021
Colin Behr
Colin Behr
Senior Director, Capital Markets
License details
PA-RS318490
Christopher Munley
Senior Managing Director, Capital Markets

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