Downtown Cincinnati Garage Sells for $15M

CINCINNATI—Over the past year, Kingsley Wells Enterprises transformed downtown’s former Tower Place Mall into Mabley Place, a 775-space parking garage. Although the developers finished the project just last October, they have already secured an anchor tenant to run the garage and just sold it to MVP REIT, Inc., a San Diego-based trust, for $15 million, illustrating the CBD’s solid reputation. The new seven-level garage, located at 418 Race St., also has about 8,400-square-feet of retail space.

Joseph Merrill Capital, a New York-based firm, structured a $9 million acquisition loan for the purchase. “It’s a long-term investment with a predictable cash flow in a fundamentally sound CBD,” James J. Rizzi, managing principal, tells GlobeSt.com. “It’s a good long-term play.”