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.”
For the partnership, Stockdale teamed with Ace for its incredible industry knowledge. “Ace is the largest privately owned parking company in the country, and there are really only two or three others that have the breadth and the depth that they do,” says Michaels. “They have been around for several generations, and we have a good working relationship with them. As we thought about the ability to go out and buy parking assets, obviously a huge part of that is understanding the parking operations themselves. We partnered with Ace to do that, and we believe that they have unbelievable knowledge.” Grosvenor is a UK-based family office enterprise looking for exposure outside of the UK.
The joint venture will focus on the Southwest region, and Michaels says that the target markets are pretty diverse, from Northern California through Southern California to Arizona, Las Vegas and Houston. He estimates that they will hold the assets for five to seven years, but the business plan for each property will vary. “Each asset is different, but some we may collect and create a portfolio and others we may entitle for development,” he says. The joint venture plans to invest $100 million in these assets.
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.”
For the partnership, Stockdale teamed with Ace for its incredible industry knowledge. “Ace is the largest privately owned parking company in the country, and there are really only two or three others that have the breadth and the depth that they do,” says Michaels. “They have been around for several generations, and we have a good working relationship with them. As we thought about the ability to go out and buy parking assets, obviously a huge part of that is understanding the parking operations themselves. We partnered with Ace to do that, and we believe that they have unbelievable knowledge.” Grosvenor is a UK-based family office enterprise looking for exposure outside of the UK.
The joint venture will focus on the Southwest region, and Michaels says that the target markets are pretty diverse, from Northern California through Southern California to Arizona, Las Vegas and Houston. He estimates that they will hold the assets for five to seven years, but the business plan for each property will vary. “Each asset is different, but some we may collect and create a portfolio and others we may entitle for development,” he says. The joint venture plans to invest $100 million in these assets.
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