McLaurin Family Sells Its North Carolina Parking Empire
The Car Park of Boise, Idaho, has acquired McLaurin Parking Co., a longtime major manager of parking space in Downtown Raleigh and other parts of North Carolina, owned by the McLaurin family. The purchase price was not disclosed by either of the two privately held companies.
Besides managing thousands of parking spots in Downtown Raleigh, McLaurin Parking handles parking for universities, hospitals and other cities in North Carolina, the News & Observer reports. It also oversees parking for special events, such as the North Carolina State Fair and sporting events at UNC-Chapel Hill, North Carolina State University and East Carolina University.
The company began in 1948, when founder William McLaurin Sr. began leasing a 65-space lot on South Salisbury Street in Raleigh. When four of his children took over the business in 1986, the company managed more than 25,000 spaces statewide.
McLaurin Parking also has had a contract to manage parking for the City of Raleigh for many years. The Car Park will take over the contract and submit a new bid before it expires in about two years.
Though a major manager of parking spaces in the Triangle area, McLaurin Parking does not own any of them, so the deal did not involve any real estate trading hands. With the acquistion, The Car Park provides management services for parking lots in 10 states.