Stockdale Targets Parking Structures with New JV

Daniel Michaels is the managing director at Stockdale Capital Partners

LOS ANGELES—Stockdale Capital Partners has formed a joint venture with the Grosvenor Group and Ace Parking Management, a parking garage operator, to acquire parking garages in the Southwest. The JV will focus on income producing parking garages in high-traffic submarkets as well as surface parking lots in supply-constrained markets.

We have really been trying to focus on niche strategies that were overlooked and that we thought had more recession-proof demand. We focused on three industries: medical office, age-restricted multifamily and parking,” Daniel Michaels, managing director at Stockdale Capital Partners, tells GlobeSt.com. “We believe that all three will out-perform given where we are in the cycle today. Parking, specifically, is very overlooked, under brokered and not institutionally owned. We though that there was a huge opportunity to find yield in that niche subset.”