The partnership will acquire, own and manage high quality parking structures and surface lots across the Southwest of the USA. The partnership will target 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.
“Parking assets are a highly-fragmented, often under-brokered submarket with very little institutional ownership today. Using Stockdale’s broad reach and reputation in markets throughout the Southwest, and Ace Parking’s long history as the preeminent parking operator in the US we already have a solid initial pipeline of opportunities and will soon announce our first transactions for the program,” said Daniel Michaels, Managing Director at Stockdale Capital Partners.
Ace Parking, which has more than 5,000 employees and manages more than 500 off-street parking locations and 175,000 stalls in eight states, will provide day-to-day management of assets acquired by the partnership.
"Ace Parking remains laser-focused at implementing the best parking practices and audit procedures in the industry. We look forward to being an intricate part of the operating partnership to help realize these parking assets fullest potential," says Keith B. Jones, Owner and Managing Partner of Ace Parking.
Grosvenor’s commitment has been made by the Group’s Indirect Investment team, whose remit is to enable Grosvenor to access investment opportunities with third-parties with specialist expertise that complements those of the Group’s Operating Companies.
Andy Yates, Investment Director, Indirect Investments at Grosvenor Group, comments: “We are excited about the opportunity within the US parking sector. With the combination of skills brought by Stockdale and Ace we have secured a great team capable of identifying and unlocking suitable investments for our investment partnership.”
This is the third programmatic JV formed by Stockdale Capital Partners this year. The firm formed a $100M venture to acquire medical office buildings in Los Angeles and announced a $75M partnership with private equity fund Siguler Guff for value-add investments across the Southwest. Both programs have announced acquisitions since launching.
For more information contact:
Rebecca Dwyer, Press Office
020 7312 6101
Notes to Editors
Grosvenor, one of the world’s largest private international property groups, works in some of most dynamic cities around the globe. We are guided by our ‘Living cities’ philosophy; we strive to create, manage and invest in properties and places that contribute to the enduring success of the cities in which we work.
With 300 years’ experience as steward of our London estate, we believe we can help cities grow and evolve in ways that are socially, economically and environmentally sustainable. We aim to make a long term contribution to these cities’ future success by using creative design, high quality building materials and innovative environmental solutions in our development projects, and through intelligent management of our property assets. In doing so, we strive to create places in which people will want to live, work and enjoy their free time.
By taking a long term approach, we are able to combine our global expertise with local knowledge and cultural understanding. We want our projects to reflect the spirit of the individual city and to foster thriving communities. We work closely with local communities, businesses and civic authorities, and with our partners, consultants and other developers to achieve this.
Today we have 17 offices in 11 countries and assets in 17 countries. We have regional investment and development businesses in Britain & Ireland, the Americas, Asia Pacific, and Europe. We also have indirect investments, managed centrally, whose remit is to enable Grosvenor to access investment opportunities with third-parties with specialist expertise that complements those of the Group’s Operating Companies. As at 31 December 2015, the Group had total assets under management of £13.1bn. www.grosvenor.com