Wednesday, January 4, 2012

Green Courte Partners buys the Avenue of the Arts Garage

"Green Courte Partners, a private equity real estate investment firm in Lake Forest, Ill., bought the Avenue of the Arts Garage at 1501 Spruce St. in Philadelphia. Terms of the transaction weren’t disclosed.
The self-park garage was constructed in 2002 by Parkway Corp. to serve the Kimmel Center on South Broad Street. The property is 10 levels and has 668 parking spaces, and includes 17,272 square feet of retail space occupied by the Buca Di Beppo Italian restaurant and Starbucks Coffee.

Parkway sold it to Next Realty, a Chicago real estate investment company that also owns the Sansom Garage at 1616 Sansom St. in Philadelphia. Next Realty has now sold it to Lake Forest, Ill.-based Green Courte, which targets parking facilities and manufactured housing communities."

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