Downtown Parking Continues to be a Commodity

SAN FRANCISCO—The only shortage more urgent than housing is parking. One garage, the SOMA Grand built in 2007, is located on one of the most highly trafficked north-south arteries at 1160 Mission St. It sits at the base of the 264-residence SOMA Grand condominiums in the Mid-Market corridor, home to more than a fifth of San Francisco's technology companies.

An institutional joint venture led by Los Angeles-based Stockdale Capital Partners recently closed on the purchase of the four-story 364-stall garage. The seller was a private individual and terms of the transaction were not disclosed, although GlobeSt.com learns the price was approximately $17 million.

“Parking continues to be a highly sought-after commodity in downtown San Francisco and this is a very well-located asset, popular with daily parkers, to which we believe we can add value over time by bringing an institutional mindset and dedicated management approach via our partner Ace Parking,” said Daniel Michaels, managing director at Stockdale Capital Partners.

Stockdale Capital Partners formed the institutional partnership in September 2016 with the London-based privately owned international property venture, Grosvenor Group, and San Diego-based parking operator Ace Parking Management. This is the venture's first acquisition as it seeks out income-producing parking garages in infill, high-traffic submarkets and garages attached to hotels and office buildings that can be acquired and managed independently. The partnership will also consider surface lots in supply-constrained markets where parking operations can be executed.

“SOMA Grand is an excellent example of the type of property we are considering for our West Coast parking investment program,” Steven Yari, managing principal, Stockdale Capital Partners, tells GlobeSt.com. “It's in the middle of a vibrant neighborhood teeming with tech and other businesses, has stable in-place income and the opportunity for us to add future value.”

Stockdale Capital Partners is a real estate investment firm originating from the family office of Steven Yari and Shawn Yari to provide niche investment opportunities across multiple asset classes in the West and Southwest to institutional investors. These include a $100 million venture to acquire medical office buildings in Los Angeles and a $75 million partnership with private equity fund, Siguler Guff, for value-add investments across the Southwest. Both programs have announced acquisitions since launching last year.

Stockdale has a 60-year family office heritage focused on owning and operating commercial real estate. It has in-house property management team with the ability to execute renovations or reposition large properties. Stockdale has offices in Los Angeles, Phoenix-Scottsdale and Houston.

Grosvenor has 300 years of experience as a steward of its London estate. It has regional investment and development businesses in Britain and Ireland, Europe, Asia and the United States.

SAN FRANCISCO—The only shortage more urgent than housing is parking. One garage, the SOMA Grand built in 2007, is located on one of the most highly trafficked north-south arteries at 1160 Mission St. It sits at the base of the 264-residence SOMA Grand condominiums in the Mid-Market corridor, home to more than a fifth of San Francisco's technology companies.

An institutional joint venture led by Los Angeles-based Stockdale Capital Partners recently closed on the purchase of the four-story 364-stall garage. The seller was a private individual and terms of the transaction were not disclosed, although GlobeSt.com learns the price was approximately $17 million.

“Parking continues to be a highly sought-after commodity in downtown San Francisco and this is a very well-located asset, popular with daily parkers, to which we believe we can add value over time by bringing an institutional mindset and dedicated management approach via our partner Ace Parking,” said Daniel Michaels, managing director at Stockdale Capital Partners.

Stockdale Capital Partners formed the institutional partnership in September 2016 with the London-based privately owned international property venture, Grosvenor Group, and San Diego-based parking operator Ace Parking Management. This is the venture's first acquisition as it seeks out income-producing parking garages in infill, high-traffic submarkets and garages attached to hotels and office buildings that can be acquired and managed independently. The partnership will also consider surface lots in supply-constrained markets where parking operations can be executed.

“SOMA Grand is an excellent example of the type of property we are considering for our West Coast parking investment program,” Steven Yari, managing principal, Stockdale Capital Partners, tells GlobeSt.com. “It's in the middle of a vibrant neighborhood teeming with tech and other businesses, has stable in-place income and the opportunity for us to add future value.”

Stockdale Capital Partners is a real estate investment firm originating from the family office of Steven Yari and Shawn Yari to provide niche investment opportunities across multiple asset classes in the West and Southwest to institutional investors. These include a $100 million venture to acquire medical office buildings in Los Angeles and a $75 million partnership with private equity fund, Siguler Guff, for value-add investments across the Southwest. Both programs have announced acquisitions since launching last year.

Stockdale has a 60-year family office heritage focused on owning and operating commercial real estate. It has in-house property management team with the ability to execute renovations or reposition large properties. Stockdale has offices in Los Angeles, Phoenix-Scottsdale and Houston.

Grosvenor has 300 years of experience as a steward of its London estate. It has regional investment and development businesses in Britain and Ireland, Europe, Asia and the United States.