SOURCE: Propark Inc.

Propark Inc.

October 01, 2014 06:14 ET

Propark Real Estate Closes $18,600,000 Acquisition

HARTFORD, CT--(Marketwired - October 01, 2014) - Propark Inc. and its Propark officer owned Parking Real Estate, LLC is pleased to announce the successful closing of the Expresso Airport Parking acquisition ("Expresso"), previously announced on April 7, 2014 for a total purchase price of US$18,600,000. Expresso is a 14-acre off-airport parking facility located in San Leandro, California servicing the Oakland International Airport. Propark has been the parking manager of the property for over 13 years since February 2001.

Expresso represents the first asset close into the parking acquisition platform between Parking Real Estate and its partner Parkit (TSX VENTURE: PKT) (OTCQB: PKTEF). 

David Schmid, Chief Investment Officer of Propark America states, "This transaction is the first of many in a deep pipeline of quality, income-producing assets."

"Expresso will be a cornerstone asset for our institutional equity platform." - Rick Baxter, CEO, Parkit.

For more information on Expresso, please visit www.expressoparking.com

About Propark, Inc.

Propark America is one of the nation's leading parking companies, providing full-service parking solutions across all parking markets including office buildings, retail centers, corporate campuses, airports, universities, medical institutions, municipal facilities, stadiums, residential buildings and hotels. 

Headquartered in Hartford, Connecticut, Propark operates more than 500 locations in convenient markets across the United States, including New York, Washington D.C., Boston, Cambridge, San Francisco, Oakland, Palo Alto, Reno, Cleveland, Jacksonville, San Antonio, Denver, Phoenix, Hartford, Stamford and New Haven. 

Propark is a member of the International Parking Institute, the National Parking Association, and is a Platinum Level Partner of the Green Parking Council.

For more information, please visit www.propark.com

About Parking Real Estate, LLC

Owned by the officers of Propark, Parking Real Estate LLC is a company that identifies income producing parking real estate assets, acquires them and optimizes them using cutting edge parking technology and market leading yield management tools.

About Parkit
Parkit Enterprise Inc. is a listed private equity real estate company that acquires and aggregates income-producing real estate in the parking sector. 

For more information, please visit www.parkitenterprise.com & www.canopyairportparking.com

Contact Information

  • Contact Information:
    David Schmid
    dave.schmid@propark.com

    Tel. (860) 527-2378 x115
    One Union Place
    Hartford CT 06103