Rare opportunity to acquire a long-term, municipal-backed ground lease on a 146,530 SF structured parking garage in downtown Louisville. The lease is held and operated by the Parking Authority of River City (PARC), providing a stable, NNN-like income stream with minimal landlord responsibilities. The initial term has 34 years remaining and includes two 25-year renewal options, delivering exceptional duration and optionality for long-term investors. Situated in the heart of downtown Louisville, the garage benefits from proximate demand generators including Hilton Garden Inn, Metro Hall, Jefferson County Courthouse, Mercury Ballroom, Louisville Palace and the central business district. The asset’s location and municipal operator create durable demand and limited vacancy risk.
Investment Highlights:
Property Type: Structured parking garage (multi-level concrete)
Building Area: 146,530 SF (structured parking)
Spaces: 331 total parking spaces
Tenant / Operator: Parking Authority of River City (PARC)
Lease Type: Ground lease; NNN responsibilities assigned to tenant
Term: Initial term through 2060 (34 years remaining); two 25-year renewal options
Escalation: CPI adjustments every five years
This ground lease offers a low-management, inflation-protected income stream backed by a municipal operator and secured by a long remaining term and extensive renewal options. It is well suited for investors seeking predictable cash flow, long-duration fixed-income style real estate exposure, or a portfolio anchor with public-sector credit.
Please contact Broker for more information.
Broker Notes
The information in this listing was obtained from sources deemed to be reliable. The broker does not warrant or represent any information provided.
