| Press Releases / November 2005 | View PDF |
Next Realty Announces Purchase of Parking Garage Landmark in Chicago, Ill.
Northbrook, IL (November 7, 2005) – Next Realty, LLC, announces the acquisition of the 2 E. Oak Street Garage, a valet parking structure in Chicago. The facility, informally known as “Gibson’s” Garage in Chicago, is next to the legendary steakhouse of the same name. The 2 E. Oak Street Garage contains 322 spaces on seven floors and is open 24-hours a day, seven days a week.
Located at the intersection of State, Rush and Oak Streets in Chicago’s ‘Gold Coast,’ the garage stands at the gateway to the Rush Street entertainment district just west of the Magnificent Mile retail corridor, Chicago’s premier shopping area.
“This is an irreplaceable 24-hour location,” said Robert Caplin, head of parking acquisitions at Next Realty. “The convergence of retail, residential and nightlife will continue to drive the demand at this garage for years to come.”
Next and its affiliates, who entered the parking industry just a few years ago, now own seven garages and three airport operations comprising over 7,500 spaces. The properties are located in Chicago, Philadelphia and Hartford. Next will continue to acquire well-located parking assets in major markets throughout the country.
Next Realty, LLC, with offices in Northfield, Ill. and in Alexandria, Va., works to create and retain wealth through commercial real estate, including acquiring and developing shopping centers, retail land and parking structures.
