The Parking Spot Expands into Four New Locations in 2015
CHICAGO, March 16, 2016 /PRNewswire/ -- The Parking Spot ("TPS" or the "Company"), the nation's largest owner and operator of near-airport parking properties, announced today its 2015 additions. With these additions The Parking Spot now operates 37 near-airport properties, containing over 65,000 parking spaces, serving 21 U.S. airports. The Parking Spot is owned by an investment fund sponsored by Green Courte Partners, LLC.
The Company's 2015 transactions include the following:
Baltimore-Washington International Airport ("BWI") – TPS commenced operation of a 1,502-space near-airport parking facility on February 1, 2015. The property, located outside of the main entrance to BWI, represents the first TPS investment in the strategically important Baltimore-Washington MSA.
George Bush Intercontinental Airport ("IAH") – TPS added to its three existing operations at IAH with the acquisition of a 1,595-space facility on August 14, 2015. The acquisition will increase the scale of the adjacent TPS operation to a total of approximately 3,150 spaces, and includes excess land with capacity for over 1,600 additional spaces.
Lambert-St. Louis International Airport ("STL") – TPS added its fourth location at STL with the acquisition of a 1,758-space garage and surface parking facility on August 20, 2015. The property enhances the Company's operating efficiencies in the market and allows TPS to better serve customers approaching the airport from the southeast.
Philadelphia International Airport ("PHL") – TPS took over operations at a second location at PHL on November 18, 2015. The 1,350-space facility, which has capacity to expand to over 2,200 spaces, will undergo extensive improvements providing both covered and uncovered parking options.
Commenting on the transactions, Kevin Shrier, President and Chief Executive Officer of TPS, stated, "We are pleased to continue to grow our customer-focused near-airport parking business by expanding into new markets while strengthening our presence in existing markets. Since Green Courte's acquisition of The Parking Spot in 2011, our portfolio has doubled in size, solidifying our position as the premier owner and operator of near-airport parking in the U.S. We are optimistic about opportunities for the continued growth of our portfolio."
Daniel Medve, the Vice President of the former ownership of the Company's new St. Louis facility, added, "It was a pleasure working with Green Courte and The Parking Spot on the sale of Park Express. Green Courte is a creative, flexible buyer that worked hard to meet the unique priorities we had set for the sale of our property. The transaction went very smoothly and closed on time and per the agreed upon terms."
Commenting on Green Courte's investment goals, Jordan Kerger, Managing Director at Green Courte, stated, "We continue to aggressively pursue opportunities to grow The Parking Spot nationally through Green Courte-sponsored funds, which have sufficient capital to acquire over $1 billion of additional assets. Our unique capital base enables us to employ creative transaction structures (e.g., tax deferral, joint venture, etc.) that meet the needs of a variety of sellers as well as our investors."
About The Parking Spot
As the leading near-airport parking company in the nation, The Parking Spot provides full service parking at 37 parking facilities located at 21 major U.S. airports. The Parking Spot provides an exceptional customer experience and offers continuous and friendly shuttle service, the ability to earn free parking with The Spot Club loyalty program, luggage assistance, complimentary newspaper and chilled bottled water. For more information on The Parking Spot or a list of all locations, please visit the Company's website at www.TheParkingSpot.com.
About Green Courte Partners, LLC
Green Courte Partners, LLC is a Chicago-based real estate private equity investment firm focused on building industry-leading companies within niche real estate sectors, including parking and specialty housing assets. The firm combines focused investment strategies with a disciplined approach to transaction execution and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte's website at www.GreenCourtePartners.com.
SOURCE Green Courte Partners
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