KKR officially closed on a deal to acquire The Parking Spot, a provider of near-airport parking operations in the U.S., from an affiliate of Green Courte Partners.
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KKR didn't disclose the financial terms of the deal, but reports from late August valued the transaction at $1.4B. TPS has 47 parking properties across the country servicing customers traveling from many major airports.
“The Parking Spot has demonstrated a compelling track record of growth and delivery of a high-quality offering to travelers that aligns well with our investment philosophy,” Dash Lane, partner at KKR, said in a press release. “With its strong and established platform, well-known industry brand, and superior customer service, TPS is recognized as an industry leader.”
TPS' management team will stay on and continue to lead the company.
The deal is one in a string of private equity companies acquiring parking players in the rapidly consolidating industry.
PEOPLE
Timber Hill Group added Sofia Michis and Dave Tombers to its executive team. Michis joins as chief financial officer, and Tombers will work as managing director of acquisitions. Tombers will lead Timber Hills’ acquisition activities across the U.S.
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Greenstone Partners promoted Jordan Mutlack to senior director. Multack joined the company in 2022. The firm also added Connor Sheedy as an investment sales analyst.
SALES
QMR Partners purchased a 55K SF mixed-use property at 1770 First St. in Highland Park for $7.4M from Fulton Design + Build. The building, which sits atop a 447-space public parking garage, features 17 apartment units on the upper three floors and 36K SF of medical office space. Colliers' Alissa Adler, John Homsher, Tyler Hague and Lauren Stoliar represented Fulton Design + Build in the deal.
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Doubles Realty purchased a multifamily property at 1143 S. St. Louis Ave. in North Lawndale for $515K. Kiser Group brokers Jack Petrando and Noah Clark closed the deal.
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Envoi Partners bought a 16K SF building at 1934 W. North Ave. in Wicker Park for an undisclosed price. The company plans to renovate the building, including adding nine rental units on the second and third floors. The first floor will be modified to increase street-level accessibility. SVN Chicago Commercial's Tim Rasmussen, Adam Napp and Chad Schroedl represented the undisclosed seller in the deal.
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A private Illinois-based partnership bought the retail center at 4066-4080 N. Milwaukee Ave. in Portage Park for $6.9M from a private investment fund. The property features two buildings occupied by medical-related retail tenants. Greenstone Partners’ Danny Spitz and Brewster Hague represented both parties in the deal.
LEASES
The Family Institute at Northwestern University signed a 15K SF full-floor lease at 444 N. Michigan Ave. The organization will move from its current office at Willboughby Tower on South Michigan Avenue. Savills' John Goodman, Eric Feinberg, Isabel Schwartz and Brandon Nasatir represented The Family Institute in the deal.
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Parceljet Information Technology leased 239K SF at 900 Knell Road in Montgomery from CenterPoint Properties. DarwinPW Realty/CORFAC International's George Cibula and Rick Dal represented CenterPoint in the transaction.
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Medline Industries signed a long-term, 215K SF lease at 2375 Waterview Drive in Northbrook and plans to move into the space midway through next year. Transwestern’s Kyle Robbins, Andrew Davidson and David Burkards represented the owner, while CBRE's James Otto, Jon Milonas, Paul Diederich and Peter Livaditis represented Medline.
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Midwest Express inked a 40K SF lease at 1850 Arthur Ave. in Elk Grove Village from building owner RREEF America. Lee & Associates' Chris Nelson represented the owner, while Lee and Associates' Calvin Gunn represented the tenant.
FINANCING
Greystone provided an $18.2M loan for the acquisition of a 139-unit multifamily property in Chicago. The mid-rise apartment building features studio, one-, two-, three- and four-bedroom units. The $18.2M nonrecourse, fixed-rate loan features a 15-year term with interest-only payments for the first five years of the term.
