Green Courte Partners has acquired The Parking Spot, a national owner and operator of airport parking properties, for $360 million. The Chicago-based real estate investment firm, which targets such niche assets as land-lease communities and parking facilities, acquired the company on behalf of its third value-added fund.
Randy Rowe, chairman of Green Courte, told PERE that this is the second acquisition the firm has made on behalf of Green Courte Real Estate Partners III. “Our primary strategy is parking, so we’ve had an interest in the firm for quite a few years,” he said.
The Parking Spot operates 17 Class A parking properties – 16 owned and one leased – comprising more than 32,000 spaces and serving 12 airports including Atlanta Hartsfield, Los Angeles International, Dallas-Fort Worth, Houston George Bush Intercontinental and Phoenix Sky Harbor. The Parking Spot also manages another 24 parking facilities, comprising more than 35,000 parking spaces and serving an additional 12 major airports around the country.
Penny Pritzker, chairman of The Parking Spot, said in a statement: “With the sale to Green Courte, I look forward to watching The Parking Spot’s continued development as one of the nation’s most innovative parking owner-operators.”
Rowe added: “We plan to expand The Parking Spot’s parking services to additional markets around the country, filling in new markets with a combination of owned and leased properties, as well as managed operations in smaller markets.”
Green Courte’s third fund closed on $407 million of equity in September, exceeding its initial target of $350 million. With leverage of 60 percent to 65 percent, the firm plans to invest about $1.2 billion in niche real estate, particularly manufactured housing communities and parking facilities, in the US and Canada.
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