PARQEX CLIENT SPOTLIGHT
When CLK Properties purchased the property at 112 North May Chicago in December of 2015 it was occupied by a mix of office and retail tenants. They intended to renovate the building and fill it with new tenants to take advantage of the unprecedented development occurring in the area. That process would take some time though, and meanwhile the 26 parking spots adjacent to the building were vacant. CLK was therefore looking for a way to generate ancillary parking income to cover the costs of holding and maintaining the property. They also wanted a flexible solution that wouldn’t lock them into a long-term lease or prevent them from using the area for construction staging. Finally, since CLK Properties is based in New York and did not have any full-time on-site personnel to help manage the parking at 112 North May Chicago, they needed a solution that would handle all customer support and enforcement as required.
ParqEx consistently delivered income to CLK Properties at 112 North May Chicago with no local effort required. In addition, CLK was able to use the lot for construction crews working at the building for three months because the flexibility of the ParqEx solution allowed this to be accomplished with minimal disruption. When the building was finally leased up in April of 2018, once again CLK was able to smoothly transition 112 North May Chicago from ParqEx to their tenants with only 30 days notice.
CLIENT PROFILE: 112 NORTH MAY CHICAGO
LOCATION: 112 North May, Chicago, IL
112 N May is a mixed-use commercial building in the West Loop neighborhood of Chicago, Illinois. The building is owned and managed by CLK Properties, a real estate investor and operator with a diverse portfolio of 95 multifamily and commercial properties across 31 cities.
NO. OF UNITS
CLK Properties Seeks Flexible Income Solution from 112 North May Chicago Retail Lot
Flexible income needed from existing asset
CLK Properties contracted with ParqEx to place the parking lot onto their Marketplace, which helps owners offer their available parking spots to drivers and facilitates the rental process from beginning to end. Once the spots were listed, ParqEx used a mix of traditional and digital marketing tactics to increase awareness and drive traffic – such as hanging a large banner onsite and making direct contact with local businesses who might need parking at 112 North May Chicago.
“We were thrilled to be able to quickly and easily transform an existing asset— a parking lot— into a revenue generator for the property without adding ANY hassle or effort to staff.”
Total support that’s totally hands-off
To ensure that CLK would not need to be involved with day-to-day operation of the lot, the ParqEx Customer Support team handled all inquiries and issues that arose and the ParqEx Enforcer solution was used in conjunction with a towing partner to make sure the right vehicles were parking in the right places.
The solutions for 112 North May Chicago
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