The Parking Spot Expanded Into 4 New Locations in 2015
The Parking Spot (TPS), the nation’s largest owner and operator of near-airport parking properties, reported in mid-March four additions for last year.
With these, TPS now operates 37 near-airport properties, containing more than 65,000 parking spaces, serving 21 U.S. airports. The company is owned by an investment fund sponsored by Green Courte Partners.
The company’s 2015 transactions were at:
• Baltimore-Washington International Airport (“BWI”) – TPS commenced operation of a 1,502-space near-airport parking facility on Feb. 1, 2015. The property, located outside the main entrance to BWI, represents the first TPS investment in the strategically important Baltimore-Washington MSA.
• George Bush Intercontinental Airport (“IAH”) – TPS added to its three existing operations at IAH with the acquisition of a 1,595-space facility on Aug. 14, 2015. The acquisition increases the scale of the adjacent TPS operation to a total of approximately 3,150 spaces, and includes excess land with capacity for more than 1,600 additional spaces.
• Lambert-St. Louis International Airport (“STL”) – TPS added its fourth location at STL with the acquisition of a 1,758-space garage and surface parking facility on Aug. 20, 2015. The property enhances the company’s operating efficiencies in the market, and allows TPS to better serve customers approaching the airport from the southeast.
• Philadelphia International Airport (“PHL”) – TPS took over operations at a second location at PHL on Nov. 18, 2015. The 1,350-space facility, which has capacity to expand to more than 2,200 spaces, will undergo extensive improvements providing both covered and uncovered parking options.
Commenting on the transactions, Kevin Shrier, President and Chief Executive Officer, stated: “We are pleased to continue to grow our customer-focused near-airport parking business by expanding into new markets, while strengthening our presence in existing markets. Since Green Courte’s acquisition of The Parking Spot in 2011, our portfolio has doubled in size. ...”