with backing from the Pritzker family.
LAKE FOREST, IL-Green Courte Partners LLC, based here, has purchased the Parking Spot, a company that owns and/or manages 41 airport parking venues throughout the country. The Pritzker family sold the Chicago firm, run by mogul Martin Nesbitt, for $360 million.
The acquired company operates 17 parking properties, with 16 owned and another leased, near 12 major airports, including Atlanta, Los Angeles and Phoenix. The company also manages another 24 parking facilities near an additional 12 major airports.
Jim Goldman, vice chairman and CIO, tells GlobeSt.com that the Parking Spot is one of the only organized airport parking owners in the United States. “With a national footprint, we think that gives you a great ability to provide parking service to corporate accounts,” he says. “There’s just not that much competition at that level.”
He says the purchase was made using $235 million in financing from Key Bank. The company raised cash for the purchase through its Green Courte Real Estate Partners III LLC fund, closed in September for $400 million fund to invest in mobile home parks and parking facilities, he says. “We focus on niche properties,” Goldman says. “We think parking is cyclical, and because the economy is weak, we have good entry points into the sector. Another good thing about parking is that it doesn’t come with any extensive capital requirements, you don’t have to pay leasing commissions, and you can interface directly with the customer, including immediately passing through inflation costs.”