Institutionally Owned and Maintained
?Owned and operated by UGP Gaviidae Common, LLC (an entity controlled by Chicago-based InterPark) who facilitated capital and remedial maintenance of more than $2,000,000 over the course of their ownership.
Fully Automated and Secure Parking
?The Property is a fully automated, secure parking facility featuring 374 parking stalls with high utilization rates.
Adjacent Iconic Office Towers Drive Demand
?Directly connected to Wells Fargo Center, a 1,500,000 million square foot class “A” office tower experiencing significant leasing velocity.
Poised for Growth / Return to Office Mandates
?Target (7,100 downtown employees), US Bank (4,200 employees), Ameriprise Financial (4,200 employees), and Xcel Energy (1,600 employees) have all increased the requirement for employees to be in the office. Minneapolis has seen an 11.4% year-over-year surge in corporate office utilization.
Central Location
?The Property’s central location and proximity to major sports and concert venues drive traffic to the downtown core typically during non-traditional business hours.
Revenue Stability and Flexibility
?The Property has significant large-block users such as Centerpoint Entergy, Frederikson & Byron, Fulbright & Jaworski, among others that provide consistent revenue during traditional business hours while also maximizing transient parking opportunities during non-business hours.
After Hours Demand Drivers
?Nearby hotels such as the Westin and Rand Tower, as well as the fine and casual establishments like Murrays and Oceanaire drive high parking demand during non-business hours.