JV Grabs Mid-Market Parking Structure, Seeks More Parking Assets
Many developers in the Bay Area are tearing down parking to make way for housing and office, but one JV is actively purchasing lots and garages as an investment. A JV led by Stockdale Capital Partners just acquired the 364-stall SOMA Grand Garage in San Francisco. The four-story garage at 1160 Mission St. was built in 2007 and is at the base of the 264-unit SOMA Grand condominiums. The seller was a private individual and the terms of the transaction were not disclosed.
“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,” Stockdale Capital Partners managing director Daniel Michaels said.
Stockdale Capital Partners formed an institutional partnership last September with Grosvenor Group and parking operator Ace Parking Management. This is the venture’s first acquisition.
The JV is focusing on 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 JV also will consider surface lots in supply-constrained markets.